Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has seen a positive response to the show cause notices issued to developers of lapsed housing projects. Out of the 10,773 projects, 5,324 have responded, showing a significant improvement
MahareraReal EstateHousing ProjectsComplianceTransparencyReal Estate NewsJan 09, 2025
MahaRERA stands for the Maharashtra Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to ensure transparency, accountability, and financial discipline in the real estate sector.
MahaRERA issued show cause notices to developers of lapsed housing projects who failed to update the project status despite the completion deadlines lapsing. This is to ensure compliance with the Real Estate (Regulation and Development) Act, 2016.
The Real Estate (Regulation and Development) Act, 2016, is a law in India aimed at protecting homebuyers, ensuring transparency, accountability, and financial discipline in the real estate sector. It mandates regular updates on project status and compliance with deadlines.
If a developer does not comply with MahaRERA's requirements, the regulatory authority can take strict action, including canceling or suspending project registrations, levying penalties, and freezing bank accounts. This ensures that non-compliant projects do not continue to operate.
Developers are required to update the project status on MahaRERA's website periodically—quarterly and annually. This helps in keeping homebuyers informed about the progress and status of their housing projects.
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