As part of enabling the monitoring system of MahaRERA, MahaRERA has started reviewing the projects registered since 2017 after the establishment of MahaRERA. Because after registration of any housing project in MahaRERA, as per section 11 of RERA Act, the project promoter is required to update the information given at the time of registration on the website of MahaRERA every 3 months.

However, it was noticed that most of the projects have not recorded this information since registration. Therefore, Maharera has started sending show cause notices to all such projects on a project-wise basis. Out of a total 18,000 projects, such notices have been sent to 2,000 projects and notices will be sent to all within a month.

Notice is being sent to the registered e-mail address provided by these projects during registration. All these promoters have been given a period of 30 days from the date of notice to remedy the deficiencies. Even then, those who do not receive response, rectification of errors, promoters will be liable for penal action by MahaRERA. Also, the promoters will have to pay the fine from 30% of their amount.

According to the RERA Act, the promoter is required to keep 70 percent of the money received from customers by opening a separate account. When the money is withdrawn, at each stage of construction, a certificate from the project engineer, architect and chartered accountant on the percentage of project completion, quality, and unrealised cost must be submitted to the bank. A quarterly inventory of flats and plots sold in the project has to be posted on the website.

Most importantly, it is mandatory to audit the project account every six months and six months after the end of each year, it is mandatory to submit a Statutory Audit certifying that the amount withdrawn from this account has been withdrawn in proportion to the project completion and spent on the project itself.

All these promoters are required to submit information for a period of five years from 2017-18 to 2021-22. Assuming that there may be a break in updating this information due to the interim COVID crisis, 1 time concession has been given to provide 5 years of information in a single form at the end of every year. Which they are expected to do within a month. But for the year 2022-23, only quarterly form is required.

Also Read: MahaRERA tells developers to inform all Company details where they are associated

The post MahaRERA initiates scanning of all housing projects registered in 5 years appeared first on Square Feat India.

By Varun Singh

Maharashtra Real Estate Regulatory Authority (MahaRERA) has revoked the registration of total 8 projects.

Of these 8 projects MahaRERA revoked the registration of 4 projects in the month of September.

Of these 4 projects, one project lost its registration of September 14, the other one’s registration was revoked by MahaRERA on September 24, whereas the remaining two were declared Ab Initio Void on September 28.

While we give your details of the 8 projects, one should know why registration is important.

According to RERA a developer before selling any flat within Maharashtra has to register their project with MahaRERA.

This is to bring transparency, and accountability on the part of the developer.

The developer during registration has to mention all details fo the projects he’s carrying out. This even included completion date.

If the developer fails to delivery the apartment on or before the date of completion MahaRERA has the powers to levy a fine along with interest.

The 8 projects are

1. Mithanagar Archana CHS LTD. of which promoter is Dhanashree Developers
2. DSK Sadaphuli of which promoter is DSKulkarni Company
3. DSK Sadaphuli of which promoter is DSK Worldman Projects LTD
4. Laaffaires Avenue Commercial and Laflor Residency Commercial of which promoter is SSV Realtors
5. Sai Developers and Builders of which promoter is Shirsagar Yadav
6. Ganeshwadi CHS LTD-SRA, of which promoter is Ashok Gupta
7. Rite Civis of which promoter is Yashodanand Developers
8. Hariom Vikla of which promoter is Mageshkumar Shah

These are the 8 projects which lost their registration. The last 4 that is from 5-8 lost their registration in the month of September 2021.

So if you are a homebuyer and have invested then please check whether you have invested in these projects.

Home buying a lifetime experience and people invest their lifetime savings in it.

However, there are umpteen examples where homebuyers have ended up suffering because of the developers.

The government came out with regulations that can help homebuyers and RERA is one such.

Projects without MahaRERA registration are not allowed to sell, advertise or market in the state and these 8 projects now fall in this category.

Also Read: MahaRERA Gifts one more extension to Developers

The post Hope You haven’t bought a Flat in these 8 Projects, MahaRERA has Revoked their Registration appeared first on Square Feat India.

By Varun Singh

MahaRERA came out with a circular that has given yet another extension to developers.

This extension of time is in regards to submission of Form 5 by developers.

The circular states that, Section 4 of the real estate regulatory act states that promoter which is builder shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice and shall produce a statement of accounts duly certified and signed by such chartered accountant.

The circular further reads, “Whereas in view of second wave of COVID-19 pandemic and consequent lockdowns, MahaRERA had issued an order granting an extension of a period of six months from April 15, 2021 to October 14, 2021 for all statutory compliances under section 11 of the act.”

Now in the exercise of the powers under section 37 read with section 34(a), 34(f) and 34(g) MahaRERA issued further directions with immediate effect.

MahaRERA has stated that for all registered projects that are required to submit form 5 for the financial year 2020-21 the deadline for submission of form 5, is being extended from September 30, 2021 to December 31, 2021.

What do Form 5?
Adv Sunil Kewalramani explains, “Form 5 is ‘Annual Report of Statement of Accounts’ of a Project given by the CA of the Developer as per Regulation 4 of Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017. This Form 5 the Developer has to submit every year to MahaRERA.”

On the circular Kewalramani says, “This much needed relief of extension of timelines was required; due to COVID-19 and also as there are technical glitches in the new income tax e-filing portals.”

The builder community is happy with this move too. Anand Gupta, chairman of RERA committee of Buillders Association of India termed the circular as just and fair decision by MahaRERA and said the builder community welcomes the move.

Also Read: This is how MahaRERA plans to deliver Justice fast

The post MahaRERA Gifts one more extension to Developers appeared first on Square Feat India.

By Varun Singh

The Maharashtra Real Estate Regulatory Authority has come up with a fresh list of projects of which registration has expired.

MahaRERA updated its lapsed projects list and has added real estate projects from the year 2020 and 2021 in the list.

The fresh list now contains many new real estate projects.

What is lapsed projects?
According to MahaRERA, lapsed projects are those of which, validity of MahaRERA Registration has expired.

What happens when a real estate project is put under Lapsed projects list?
The developer cannot advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any of these projects.

Earlier MahaRERA had updated the lapsed project list up to the year 2019. However, last week MahaRERA added fresh 1,547 names in the list for the year 2020 and 2021.

The list contains 103 projects from the year 2017, the number stands at 541 real estate projects for the year 2018. In 2019 a whooping 1180 real estate projects were added to the lapsed project list.

Now, fresh names have been added in the list. In 2020, MahaRERA added 1064 projects to the list and 2021 the number stands at 483 projects.

A homebuyer before investing in any of the real estate projects across the state, should without fail visit this link and check whether the project where they wish to buy the home isn’t mentioned in the lapsed project list.

A homebuyer invests his hard earned money while purchasing a home and lists like this, which are made easily available by MahaRERA.

Also Read: MHADA features Prominently in MahaRERA’s Expired Projects List

The post 1547 New Real Estate Projects where Builders ‘Can’t Sell’ appeared first on Square Feat India.