In spite of the possession date of December 2023, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent showcause letters to the developers of 261 projects in the state.
Out of a total of 45,539 units, as many as 26,178 have been registered in these developments, according to MahaRERA. The MahaRERA has questioned the developers over how they intend to finish the remaining construction and other activities in just nine months in the show-cause notice. The developers were notified by email, and they were given 15 days to provide their responses.
MahaRERA is the only organization in the nation that have created a system for tracking projects. The authority closely monitors all developments for registered housing. The abnormalities in 261 residential developments around the state were discovered by the authorities during this procedure.
Among these 261 projects, 53 are less than 10% finished, 44 are ready, 60 have work that is 20% to 30% finished, and the remaining 104 are between 30% and 40% finished. The list consists of 26 in the city of Mumbai, 94 in the suburbs of Mumbai, 43 in Thane, 67 in Pune, 15 in Raigad, 6 in Palghar, 3 in Nagpur, 2 in Nashik, and 1 in each of the following locations: Satara, Kolhapur, Amravati, Aurangabad, and Dadra Nagar Haveli.
When reality developers advertised home developments without having a MahaRERA registration number, the regulator recently took suo moto action against them. Upon notification of advertising made by these developers without a registration number, MahaRERA sent showcause letters to 14 projects.
The project developers were given seven days to respond to the authority’s requests. The state’s real estate authority advised project developers to respond appropriately within the allotted period or risk punishment.
MahaRERA has kept developers of real estate responsible by requiring them to register their projects and by prosecuting them when they break the law. It has been made clear that no developer may promote or advertise their projects without mentioning the MahaRERA registration number.
