MahaRERA Cracks Down on 568 Non-Compliant Housing Projects in Maharashtra
A total of 568 housing projects in Maharashtra have drawn scrutiny from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for failing to update their project reports during the first two quarters of the previous year. These reports play a vital role in enabling homebuyers to make well-informed decisions when booking properties. According to MahaRERA officials, among these projects, 303 have incurred penalties for non-compliance, while 265 have paid penalties but still have not updated their quarterly project reports. MahaRERA has taken steps to suspend projects and levy penalties on developers who disregard its directives, emphasising the importance of adherence to regulatory provisions and customer welfare.
Despite some progress, MahaRERA Chairman expressed concern over the persistent non-compliance among certain builders. The authority has implemented a financial quarter-based reporting system and suspended direct registration for projects failing to submit quarterly reports. While there has been an increase in developers voluntarily updating their project reports, MahaRERA remains firm on ensuring due diligence and compliance from every developer, stressing the necessity of periodic submission of required forms for transparency and consumer protection. Industry bodies like CREDAI National have been urged to remind their members to fulfil their reporting obligations to enhance transparency and consumer confidence in the real estate sector.
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