The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking steps to enhance its regulatory oversight of residential projects in the state.
With the Mumbai Metropolitan Region accounting for half of the country’s residential market in terms of value and the highest number of stalled and lapsed projects, MahaRERA is focusing on ensuring that home buyers receive their properties within the stipulated timeframe while having access to construction status information.
MahaRERA chairman, Ajoy Mehta, has mandated that developers across the state update their project status details on the regulator’s website every three months and file annual financial statements. Mehta has made it clear that registration numbers for projects will only be issued after due diligence, and that the regulator will introduce more changes to ensure compliance and transparency.
MahaRERA’s strict regulatory oversight approach includes quarterly scrutiny of developer returns, and the regulator is identifying projects with valid registrations but where things are not going as planned. A team is in place to scrutinize projects worth approximately ₹90,000 crores in the state whose registrations are still valid but with no status updates.
Earlier this month, MahaRERA issued show-cause notices to about 16,000 developers for non-compliance with regulations such as displaying registration numbers and updating project status. The regulator is committed to cracking down on erring developers to safeguard the interests of home buyers.
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