Mumbai, Dt. 9
Maharashtra Real Estate Authority (Maharera) will now monitor housing projects from the moment they are registered. “Maharera” has claimed that this will discourage developers.
Meanwhile, out of the new projects registered in the month of January, 584 projects have been issued notices by ‘Maharera’.
‘Maharera’ has taken this step in the background of increasing number of stalled or continuously extended projects. 746 new housing projects were registered in the month of January. Construction of 50 thousand 288 flats is expected in this project worth about 22 thousand 449 crores.
According to the Real Estate Act, it is mandatory for the concerned developers to update the information on the website every three months about the number of flats registered in the project, the amount collected and the amount spent.
The developers were expected to update this information by April 20 as the first quarterly report. In fact, out of the new projects, it has been observed that information about 584 projects has not been updated. Show cause notices have been issued on all these projects. A deadline of 15 days has been given to update the information, after which action will be taken as per law.