Categories News

MahaRERA Tightens Oversight of Residential Projects in Maharashtra

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.

Follow and Connect with us: TwitterFacebookLinkedinInstagram

Team iPropUnited

Share
Published by
Team iPropUnited

Recent Posts

Minimalist Interior Design Tips for a Classy Home

Minimalist interior design has become a global trend, celebrated for its simplicity, elegance, and functionality.…

2 days ago

How Technology is Revolutionizing Real Estate in India

The real estate sector in India, traditionally known for its slow-paced processes and manual operations,…

3 days ago

Fractional Ownership in Real Estate: Democratizing Property Investment

The real estate sector, traditionally a playground for high-net-worth individuals, is undergoing a transformation with…

1 week ago

The Yamuna Expressway Authority has received 1.12 lakh applications for 451 plots located near the Noida Airport.

Real estate experts highlighted that the strong response reflects the growing residential demand in the…

2 weeks ago

DLF names Badal Bagri as the company’s Chief Financial Officer.

According to the company, Bagri brings extensive expertise in corporate finance, controllership, treasury, strategic planning,…

2 weeks ago

The Impact of AI and Machine Learning on Personal Finance

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing personal finance by transforming how individuals…

2 weeks ago

This website uses cookies.