If the required information is not updated and responded within 45 days, the registration of the project will be canceled and all transactions like bank, construction, new registration of the project will be stopped.
The 746 realty projects registered with MahaRERA in January was suppose to update everything include ho many apartments sold and all the other details on the MahaRERA website by April 20.
This is a legal provision to make this basic information available at home to the customer who has or is investing in these projects. Hence, MahaRERA issued a 15-day show-cause notice to all these developers in May to update this information. 183 of these developers have updated their quarterly reports on the website.
MahaRERA took serious note of the indifference shown by the remaining 563 developers towards consumers. A show cause notice has been issued to all of them under section 7 as to why the registration of their projects should not be cancelled.* These developers have been given a period of 45 days for the expected response in this regard.
Failure to respond within this period may result in cancellation of their project registration. In case of cancellation of registration, all transactions of the project like bank account, new registration, construction may be suspended.
In order that all the forms should be updated without delay, MahaRERA has started monitoring the quarterly financial progress report of the projects (Financial Quarter Based Project Progress Reporting System) from the first quarter. As a part of that, this follow up is going on.
It is mandatory to update the prescribed statement forms on the website in a time bound manner. It includes important homebuyer related matters such as changes in the approved building plan, current status of the project, how many plots, flats, garages have been registered for the project, how much money has been received.
Another important point is that a separate account has to be opened in the bank for the project concerned as per MahaRERA registration. 70 per cent of the money coming from homebuyers under registration has to be kept in this account.
Forms 1, 2 and 3 certified by Project Engineer, Architect and Chartered Accountant of the project are required to be submitted at the time of withdrawal of amount of work done, estimated expenditure for the respective project work while withdrawing money.
At the same time, this form is also required to be sent to MahaRERA. Of course, if the money has not been withdrawn in the prescribed quarter, it is absolutely Nil and the details of how much money has been paid in the bank during this period must be self-certified and given on the website.
All these aspects are explained to the developers while registering their project with MahaRERA. Not only this, it is also clearly mentioned in the MahaRERA Project Registration Certificate issued to them. Despite this and despite giving ample opportunity to notice, 563 out of 746 developers have not updated their quarterly forms on the website. Therefore, a show cause notice under Section 7 has been issued to all of them.
Also Read: Rs 8.73 Cr recovered from 5 developers in Mumbai and Pune from 9 warrants of MahaRERA
