As per Section 11 of the RERA Act, the project status was supposed to be updated every 3 months on the MahaRERA website by developers, but it was not happening. As a result, show cause notices were issued to over 19,000 projects in December by MahaRERA. A good result of this is now visible and in the month of December it was updated by the developers that around 700 projects have been completed.
Not only this, but as a result of these notices, 705 projects have applied to MahaRERA for renewal in the same month. This is the first time in the history of MahaRERA that so many projects have been completed in a single month and also for such a large number of applications for renewal.
Basically, by avoiding to update this information from time to time, the developers are raising questions on their own credibility for no reason. But the information that has come out this month will not only benefit the home buyers, but also increase the credibility of the real estate sector and help to improve the image of the sector as well as the related developer. Therefore, MahaRERA is appealing that all concerned should give similar response and update their information within the prescribed period.
More details about this: about 125-150 projects are completed by every month, this according to the MahaRERA website. Accordingly, in August 139, September 169, October 134, November 116, December 138 and in the month of January, this number has increased by several fold to 700.
The number of applications received for renewal of projects is also encouraging. Because this will give great relief to the investors who have invested in these projects.
The number averaged 120 per month. (Last 5 months were July 29, August 138, September 116, October 142, November 178. In December, January this number increased to 705 and this monthly average has tripled.
As part of enabling the Monitoring System of MahaRERA, MahaRERA has started reviewing the projects registered since its establishment in May 2017 till March 2022. As a result, MahaRERA has sent show cause notices to 19 thousand 539 projects which have not updated the mandatory project information as per Section 11 of the RERA Act.
All these developers have been given 30 days from the date of notice to rectify the errors. Even after this, those who do not respond, or carry out rectification of errors, such promoters will be liable for penal action by MahaRERA.
According to the RERA Act, developers have to update some information quarterly and some information once a year.
The following items are mandatory for developers to update every 3 months. Incremental changes in various building plan approvals; Physical progress of the project; Present status of booking of plots/Apartments/Units/garages; If the amount is not withdrawn within the prescribed period, the developer’s own declaration (Self certification of promoter in case of no withdrawal) is included.
As per Form 5 to the developer
Annual statement of accounts of the project chartered accountant and quality assurance certificate of the project engineer as per Form 2A are essential to be recorded on MahaRERA’s website every year.
