A registered project’s specific information, such as financial disclosures as well as certificates from chartered accountants and architects, must be updated every three months in accordance with Section 11 of the Real Estate (Regulation and Development) Act.
Builders have 3 months from the date of receiving the notices to respond, according to the MahaRERA official.
After distributing 2,000 of these alerts as of January 10th, the organization will finish distributing the remainder notifications in a month. “Previously, emails were generated automatically for these developers. But they haven’t responded. They currently have a month or 30 days to respond to the show-cause notices, failing which they run the possibility of the authorities choosing to pursue criminal charges against them “said the official.
The 18,000 projects include both active and recently registered defunct initiatives. The key cities that produce projects are Mumbai, Thane, Pune, and Nagpur.
As per Abhay Kele, Pune NARDECO secretary, these checks are essential to guaranteeing transparency in the real estate sector.
“This will benefit developers as well as homebuyers. We would advise developers to adhere to the rules, “he added.
Homebuyers said that such a strategy ought to have been in existence from the beginning. Nita Parekh, who lately purchased a project in Pune, claims that regular updates of the pertinent information by the builders will help everyone track projects. “We have been visiting the project where we made the investment. It would be nice if there were a monthly update, though. Thus, the project’s speedy completion will be ensured, “She commented.
