MahaRERA managed to collect ₹8.57 crore from the developers without auctioning their properties

Till now MahaRERA has issued 1007 warrants to get ₹624.46 crore from different developers. Of these the housing authority has managed to collect ₹113.17 crore form 124 warrants.

There were five developers from Mumbai Suburban, these includes Vidhi Realtors, Skystar Buildcon, Lohtika Properties, Vision Developers and Vijaykamal Properties. These five developers deposited the amount that was due to homebuyers.

In Mumbai city, there were three developers including Matoshree Properties, Shri Sadguru Deluxe and Falak Developers, against whom warrants were issued by MahaRERA. Even these developers settled their dues.

In Thane, there were two developers against whom warrants were issued they are Ravi Developers and Natasha Developers they also paid their dues.

In Raigad district it was Vinay Agarwal against whom 13 warrants were issued by MahaRERA and his dues were cleared for 10 warrants.

Thus in total ₹8.57 crore was collected by MahaRERA from 11 developers via 20 warrants.

Also Read: In a first 457 Real Estate Agents to Appear for MahaRERA exam on May 20

The post MahaRERA gets ₹8.57 Cr from 11 Developers, will give it to homebuyers appeared first on Square Feat India.

A homebuyer needs to have reliable information about the housing project in which he has invested from time to time. Therefore, as per RERA Act, every promoter has to submit his project information in various forms to MahaRERA and is obliged to update its project information on the MahaRERA website at certain intervals.

To update this information, MahaRERA had issued show cause notices to around 19,500 projects in January. MahaRERA has now issued a second show cause notice to around 16,000 promoters who did not respond to these notices or gave unsatisfactory responses.

These notices have been sent to the email given to MahaRERA at the time of project registration. These promoters are required to update the required clarifications and this information in various forms on the website of MahaRERA within 15 days of receiving the notice. MahaRERA has clarified in the notice that this will be the last chance for promoters who do not respond to this notice.

In this second notice, MahaRERA has also clarified that it will take serious note of the apathy towards the customers by promoters who do not respond even after this notice and will take further action as per RERA act. Moreover, MahaRERA has also highlighted in this notice that the risk, cost and consequences of this action will be the responsibility of the concerned promoter.

As part of enabling the Close Monitoring System of MahaRERA, MahaRERA has started reviewing the projects registered since its inception in May 2017 till March 2022. As a result, MahaRERA had issued show cause notices in January to 19,500 projects that did not update the mandatory project information as per section 11 of the RERA Act.

All these developers were given 30 days to rectify the mistake. It was to update the information in Forms 1, 2, 3 and 5. About 3500 promoters have responded After scrutiny, it was observed that 16,000 promoters have not given the expected response or the response given is not satisfactory. Therefore, another notice has been sent to them.

Because after registration of any housing project as per Section 11 of RERA Act certain information provided by the project promoter at the time of registration has to be updated every 3 months and financial details in Form 5 once in a year. From this, the project progress, cost and similar information will be available to the homebuyer.

It is essential for the homebuyer to know the project status from time to time. However, it was pointed out that most of the projects had not updated this information since registration.

Also Read: MahaRERA sends show cause notices to 19,539 Realty Projects

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