The Maharashtra Real Estate Regulatory Authority (MahaRERA) is cracking down on builders in Pune who have failed to update their project reports. A total of 568 registered projects in the state have come under MahaRERA’s lens for non-compliance during the first two quarters of last year. These reports are crucial for homebuyers to make informed choices before booking flats in housing projects.
Penalties and Non-Compliance
Out of the 568 projects, 303 are facing penalties for not updating their reports, while 265 have paid the penalty but still haven’t updated their quarterly project reports. MahaRERA Chairman Ajoy Mehta stated that while some progress has been made, there are still numerous builders who fail to adhere to the authority’s orders. As a result, MahaRERA has started suspending projects and imposing penalties for delays. Mehta further warned that more stringent measures would be taken if developers disregard the orders.
MahaRERA’s Reporting System and Compliance
To effectively monitor regulatory provisions, MahaRERA has implemented a financial quarter-based project progress reporting system starting from January 23. Additionally, the authority has suspended direct registrations of projects that have failed to submit quarterly forms. Nevertheless, there is still a significant number of builders who haven’t submitted reports or responded after paying penalties. Mehta emphasized that MahaRERA will not tolerate indifference towards customers and will continue to press for due diligence and compliance from every developer, including timely submission of required forms.
Increasing Compliance and Developer Association’s Support
Out of the 633 projects in June, 333 (52.6%) updated all the necessary forms and submitted them to MahaRERA within the specified timeframe. This shows an increasing trend among developers in voluntarily updating quarterly project reports due to MahaRERA’s strict actions against violators. The MahaRERA officials find it incomprehensible and unsatisfactory that developers who have paid penalties still fail to update their reports. Sunil Furde, Vice President of CREDAI National, informed members to update the reports as required by the authority to benefit homebuyers and ensure transparency in the system.
Conclusion
MahaRERA’s crackdown on the 568 projects in Pune is aimed at ensuring transparency and protecting the interest of homebuyers. The authority’s focus on penalties and project report updates highlights their commitment to enforcing compliance in the real estate sector. Builders who fail to adhere to regulations will face more rigorous actions in the future. It is important for developers to prioritize due diligence and maintain transparency in their projects to maintain trust in the real estate market.
