Homebuyers ask MahaRERA for redress due to developers' non-compliance

The Forum for People's Collective Efforts (FPCE), a pan-Indian organisation that represents homebuyers, has complained to the Maharashtra Real Estate Regulatory Authority (MahaRERA) about real estate developers' failure to provide statutory project updates on a quarterly basis. It has also urged that the Real Estate (Regulation & Development) Act of 2016's Section 61, which imposes fines of up to 5% of the anticipated project cost on defaulters, be used to punish the project's promoters for this noncompliance. The agency sent letters to over 16,000 developers and promoters last week because they hadn't gotten timely responses to their requests for information about their projects. MahaRERA sent show-cause letters to 19,500 projects in January for failing to update the necessary project information as required by Section 11 of the Act. Accordingly, 3,500 notices for various projects, or just over 18%, are believed to have been followed. The regulators have conveniently disregarded this very significant breach by the builders. Also read: Institutional real estate investment saw 37% increase in Jan-Mar 2023Birla Estates enters residential real estate sector in Pune