+
Homebuyers seek compensation over developers' non-compliance
Real Estate

Homebuyers seek compensation over developers' non-compliance

The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' body, has sought compensation from the Maharashtra Real Estate Regulatory Authority (MahaRERA), while also raising concerns about real estate developers' failure to provide quarterly statutory project updates.

It has also demanded that the promoters of these projects be penalised for this non-compliance under Section 61 of the Real Estate (Regulation & Development) Act, 2016, which imposes a penalty of up to 5% of the estimated project cost on the defaulter.

The regulator issued notices to approximately 16,000 developers and promoters across the state last week for failing to receive satisfactory responses regarding information about their projects. MahaRERA issued show cause notices to 19,500 projects in January for failing to update the mandatory project information as required by Section 11 of the Act. This means that 3,500 notices for various projects, or roughly 18%, have since been complied with.

Also Read
PM lays the foundation stone for national projects worth Rs 109 billion
MSEDCL seeking bids for 615 MW Solar Projects in Maharashtra

The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' body, has sought compensation from the Maharashtra Real Estate Regulatory Authority (MahaRERA), while also raising concerns about real estate developers' failure to provide quarterly statutory project updates. It has also demanded that the promoters of these projects be penalised for this non-compliance under Section 61 of the Real Estate (Regulation & Development) Act, 2016, which imposes a penalty of up to 5% of the estimated project cost on the defaulter. The regulator issued notices to approximately 16,000 developers and promoters across the state last week for failing to receive satisfactory responses regarding information about their projects. MahaRERA issued show cause notices to 19,500 projects in January for failing to update the mandatory project information as required by Section 11 of the Act. This means that 3,500 notices for various projects, or roughly 18%, have since been complied with. Also Read PM lays the foundation stone for national projects worth Rs 109 billion MSEDCL seeking bids for 615 MW Solar Projects in Maharashtra

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors.To read full article Click Here ..

Next Story
Real Estate

Glass, Reframed!

Glass façades, quintessential aesthetic building envelopes globally, have been widely adopted in India as well. But when the focus is high-performance building systems that deliver energy efficiency, comfort and architectural identity, glass isn’t the only preference. Combination solutions, involving glass and some other material, improve façade outcomes. Some combinations come at comparable prices, some at a higher price. Here is a selection of performance-oriented solutions...To read the full story Click Here ..

Next Story
Infrastructure Urban

Beyond Building Faster

India’s cities are expanding at an unprecedented pace, bringing new infrastructure and development opportunities while also intensifying challenges around mobility, public spaces, liveability and supporting infrastructure. The question, therefore, is not simply whether India can build faster, but whether it can build cities that work better.At a CW webinar, Are We Designing Better Cities – or Just Building Faster?, moderator Ar. Samir Shaikh, Founding Principal, AR&UD Studio, brought together perspectives from design, development, master planning and technology...To read the full artic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code