Real Estate: Maharera Sends Second Notice To 16,000 Promoters For Non-Compliance With RERA Act
Mumbai, 6th April 2023: Maharashtra Real Estate Regulatory Authority (Maharera) has issued a second show cause notice to around 16,000 builders who did not update the information prescribed under the RERA Act. The notices have been sent to the email given to Maharera at the time of project registration, and the promoters are required to update the clarifications and information on the Maharera website within 15 days of receipt of notice.
According to the RERA Act, every promoter is required to update their project information in various forms on the Maharera website at specified intervals. The updates are necessary for customers to have reliable information about the housing project they have invested in. In January, Maharera issued show cause notices to around 19,500 projects that did not update the mandatory information of the project as per Section 11 of the RERA Act.
As part of enabling the Close Monitoring System of Maharera, the organization has started reviewing the projects registered since its inception in May 2017 until March 2022. Around 3,500 promoters have responded, but after scrutiny, it has been pointed out that 16,000 promoters have not given the expected response or the response given is not satisfactory.
Maharera has clarified in the notice that this will be the last chance for promoters who do not respond to the notice. In this second notice, Maharera has also highlighted that they will take serious note of the apathy towards customers of promoters who do not respond and will take further action as per RERA law. Moreover, Maharera has pointed out that the risk, cost and consequences of this action will be the responsibility of the concerned promoter.
It is mandatory to update the project progress, cost and similar information on the Maharera website every three months, and financial details in Form 5 once a year, as per Section 11 of the RERA Act. However, it has come to light that most of the projects had not updated this information since registration, and so Maharera has taken action against them.
Maharera is striving to create a built-in discipline in the real estate sector to protect home buyers and real estate investors. To this end, Maharera has fully operationalized the fine control system, which does not exist in any state in the country. Enough time is being given to the developers to address various bugs, but strict action will be taken against those who do not cooperate despite being given enough opportunities.
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