Nagpur: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken stringent action against 388 builders across the State, with 41 of them located in Nagpur, for various lapses and frozen their projects’ bank accounts, media reports said.
The remaining 388 builders are from various regions in the state, including Pune 89, Thane (54), Nashik (53), Palghar (31), Raigad (22), Mumbai (20), Satara (13), and Chhatrapati Sambhajinagar (12). Additionally, there are builders from Kolhapur (7), Sindhudurg and Wardha (6 each), Ratnagiri and Solapur (5 each), Amravati (4), Jalgaon, Sangli, and Ahmednagar (3 each), and Washim, Chandrapur, Latur (2 each), along with individual builders from Akola, Yavatmal, Nanded, Dhule, and Beed (1 each).
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According to reports, the stern move came last week after these realtors allegedly failed to provide their respective project updates to the home-buyers on their websites, and not responding to the MahaRERA’s notices in the matter.
By January 2023, the MahaRERA had registered 746 projects which were mandated to provide full updated and current information in their quarterly filings by April 20, 2023. This would include details on the number of bookings for flats, garages, the income received from these, the actual spend on construction, modifications if any made to the projects, etc.
Out of these 746 who were served the 15-day notices followed by 45-day warning notices to comply, 358 replied and the remaining 388 ignored them. Accordingly, the Maha RERA clamped down on these errant 388 builders by freezing their bank accounts, and halting registration of the sale agreements. All this could seriously hamper the work of these projects, particularly with the auspicious festival season of Navratri-Diwali when the realty sector experiences a boom.
Under the Real Estate (Regulation and Development) Act, providing essential information to customers who have made payments or are going to make payments for their homes is mandatory. The decision regarding this action has been communicated to more than 100 construction developers via email, and it will be communicated to the rest of the developers in the next two to three days.
QR code mandatory:
MahaRERA has initiated the distribution of QR codes to registered projects starting from March 2023. All registered projects are required to include QR codes in all advertisements from August 1, 2023. This code, in addition to the MahaRERA registration number and website address, must be prominently displayed.
Breakdown by region and action taken
Vidarbha: Nagpur 41, Wardha 6, Amravati 4, Washim, Chandrapur each 2, Akola, Yavatmal each 1. Total: 57
Mumbai Metropolitan Region: Thane 54, Palghar 31, Raigad 22, Mumbai Suburban 17, Mumbai City 3. Total: 127
Western Maharashtra: Pune 89, Satara 13, Kolhapur 7, Solapur 5, Ahmednagar, Sangli each 3. Total: 120
Northern Maharashtra: Nashik 53, Jalgaon 3, Dhule 1. Total: 57
Marathwada: Chhatrapati Sambhaji Nagar 12, Latur 2, Nanded, Beed each 1. Total: 16
Konkan: Sindhudurg 6, Ratnagiri 5. Total: 11
The projects registered with MahaRERA in January 2023 were required to update their quarterly filings by April 20. Initially, only three developers had updated this information. After sending notices, 358 responded to the notices. However, 388 individuals or entities have not responded yet. Nevertheless, those developers whose projects have been completed and who have received Completion Certificate (CC) and Occupation Certificate (OC) can still advertise their projects without the need for a MahaRERA registration number.
