MahaRERA to issue notices to 18,000 developers

18,000 builders who fail to update the information on their registered projects every three months would receive show-cause warnings from MahaRERA.

According to Section 11 of the Real Estate (Regulation and Development) Act, registered projects' information regarding specifics like financial disclosures and certificates from chartered accountants and architects must be updated every three months.

According to a MahaRERA representative, the developers have three months from the date of receipt to react to the notices.

The authority will finish issuing the remaining notifications in a month after having issued 2,000 of these notices as of January 10th. "Before, such developers received emails that were automatically created. However, they have not answered. They now have a month or 30 days to answer to the show-cause notifications or risk the authority's decision to take criminal action against them "added the official.

The 18,000 projects are a mixture of ongoing and lapsed initiatives that have just been registered. Mumbai, Pune, Thane, and Nagpur are the main project-producing cities.

Such checks, according to Abhay Kele, secretary of Pune NARDECO, are crucial for ensuring openness in the real estate industry.

"Both homebuyers and developers will gain from this. We would urge the developers to follow the regulations, "added he.

Homebuyers believed that such a plan should have been in place from the start. Regular updates of the relevant information by the developers, according to Nita Parekh, who recently invested in a project in Pune, will assist everyone track projects. "We have been going to the project's location where we invested. But if there were a quarterly update, that would be preferable. The project's prompt completion will thus be guaranteed, "She remarked.