Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has begun the process of serving notices to 18,000 real estate developers or 'builders', in the state for not submitting relevant details regarding ongoing and upcoming projects on its website.
The decision comes after MahaRERA surveyed nearly 39,000 such projects and discovered that about 18,000 among them had not uploaded the details on a quarterly basis, as mandated in the Real Estate (Regulation and Development) Act (RERA).
The promoters, as per provisions, are required to add details such as number of booked flats, garages as well as both obtained and pending approvals in the quarterly submission.
According to officials, the developers in question were also not following another provision of the Act which mandates all builders to deposit 70 per cent of the total payment from customers in a separate bank account created using the RERA registration number of the company.
All subsequent withdrawals, for each stage of the project, must be accompanied by certificates from the project engineer, chartered accountant and architect featuring details such as project progression, funds left in stock and quality, which must be submitted to the bank.
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According to reports, RERA has so far served notices to 2,000 builders and is expected to complete the process by the end of January. Officials noted that 30 days time will be provided to entities being served notices, and fines of up to 30 percent will be imposed on non-respondents after the designated period.
The 18,000 projects include both old and new ones, as well as those which have lapsed. Reports noted that more than 36,000 projects have been registered with MahaRERA since it was formed in May, 2017, following which more than 4,000 projects have lapsed whereas about 10,000 have been completed.
