584 developers receive notifications from MahaRERA for failing to update their quarterly information.

Over 584 developers of housing projects registered in January have received show-cause warnings from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for failing to update information about their projects.

These are a part of the 746 new housing projects overall that total 50,288 flats and were filed with the regulator in January. They are estimated to be worth roughly Rs 22,449 crore.

According to section 11 of the RERA Act of 2016, when a project has been registered with the regulator, some information submitted at the time of registration by the project’s promoter must be updated every three months, and financial facts must be updated once a year. The project’s promoter is required to provide updates on information including the number of registrations, funds collected, and expenses incurred.

The regulator’s portal should make it simple for a house buyer to access accurate information and updates regarding the individual housing project, its status, cost, and many other facts.

By April 20th, these new developers were supposed to have updated this data for the first quarterly report. The regulator has sent notices to all 584 of these projects because they have not updated this information.

A 15-day window has been given to each of them to update the data, and any developers who fail to do so will face consequences.

On a quarterly and yearly basis, each developer is required to update the data in the prescribed statement forms on the regulator’s website. It contains significant customer-related information, such as updates to the approved building design, the project’s current state, and the number of registered plots, apartments and garages, among other things.

Prior to this, MahaRERA had sent notifications to over 16,000 developers and promoters of real estate projects throughout the state for not receiving sufficient answers to questions concerning their projects.

The regulator has begun assessing the projects filed since the system’s debut in May 2017 through March 2022 as part of enabling the Close Monitoring System.

Following this, in accordance with Section 11 of the Real Estate (Regulation & Development Act), 2016, MahaRERA sent show-cause notifications to 19,500 projects that had not updated the required project information. But more than 16,000 project promoters either did not reply to these notices or answered insufficiently.

Beginning with the first quarter following registration, MahaRERA will now be monitoring and carefully reviewing the quarterly financial progress reports of these new projects.