MahaRERA has sent show cause notices to 261 projects with less than 40% completion and an investment of around Rs 25 to 500 crore, while the possession are expected by December. This includes 120 projects in Mumbai, 67 in Pune, 43 in Thane, 15 in Raigad, 6 in Palghar, 3 in Nagpur, 2 in Nashik and 1 each in Satara, Kolhapur, Amravati and Aurangabad areas.
MahaRERA has issued show cause notices to 261 projects where less than 40% work was actually done while the possession of the houses was expected by December 23. About 26,178 flats have been registered in these projects of 45,539 flats worth 25 to 500 crore. MahaRERA has issued these notices only on the basis of the information submitted to MahaRERA by the developers.
MahaRERA has issued these show cause notices to make it clear how the developers are going to complete these projects in the next 9 months. These notices have been sent to the email address given to MahaRERA while registering the project. These developers have been given 15 days to explain their side.
MahaRERA is making every effort to ensure that the investment of home buyers and similar investors in the real estate sector is safe. That is why MahaRERA has implemented ‘Project Monitoring System’ which does not exist in any authority in the country. With the help of this system, MahaRERA has started close monitoring of registered projects. MahaRERA has discovered the above errors from this study.
Of these less than 40% work completed projects, actually less than 10% work in 53 projects; 10 to 20% in 44 projects; In 60 projects only 20 to 30% and in 104 projects 30 to 40% work has been completed.
Not only this, there are 106 projects with 25% expenditure. There are 92 projects with 25 to 50% expenditure, 47 with 50 to 75% expenditure and 15 projects with 75 to 100% expenditure. In one of these projects, despite spending more than 100%, the actual work has been completed by 20 to 30%.
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