Maharera To Cancel 291 Projects If Bldrs Don’t Update In Mth, ET RealEstate
MUMBAI: Registration of as many as 291 real estate projects, which have been suspended, will be cancelled by MahaRera if the builders do not update the quarterly progress reports of the projects by November 10. Of these projects, 104 are in MMR, 63 in Pune and 46 in Nashik.
The regulatory authority had suspended registration of around 363 projects for which Forms 1, 2 and 3, that provide information about the status of the project, were not submitted on MahaRera website. Thereafter, promoters of as many as 72 projects updated information on the website and paid a fine of Rs 50,000. The rest of the promoters are yet to update information, forcing MahaRERA to set a deadline.
According to MahaRERA officials, as many as 746 projects were registered in January this year, of which only three projects submitted their quarterly progress reports before April 20.
Thereafter, the regulatory body issued a 15-day notice in the first week of May this year. Subsequently in July, MahaRERA issued a 45-day notice in the third week of July.
“During the 60-day period for the two notices, developers of 380 projects responded and updated their QPR. As promoters of the 363 projects did not respond to notices, their registration was suspended in the third week of September. Later, promoters of 72 updated their progress reports and also paid a fine,” said a MahaRera official.
“Once registration is cancelled, developers will have to go for a fresh registration process and also pay a fine of Rs 50,000 to regularise registration,” the official added.
