Warning Issued by MahaRERA: 212 Housing Projects Launched After Jan 2023 Under Scrutiny

    Date:

    Share post:

    The Maharashtra Real Estate Regulatory Authority (MahaRERA) has expressed concerns about more than 212 housing projects launched between January and April 2023. These projects have not provided any information about their construction progress to the housing regulator, raising doubts about their status.

    After registering with MahaRERA, developers are required to submit Quarterly Progress Reports (QPR) on the regulator’s website. However, many developers have not complied with this requirement, showing a lack of seriousness towards their projects and regulations.

    To warn potential homebuyers, MahaRERA has published a list of these projects on its website, categorized by district. Pune city has the highest number of such projects, followed by Nashik, Palghar, Thane, Raigad, Sambhaji Nagar, and Nagpur.

    The Mumbai Metropolitan Region (MMR) and Konkan region have the most projects with incomplete progress reports, followed by Pune, North Maharashtra, Vidarbha, and Marathwada.

    According to regulations, developers must submit quarterly and annual statement forms to MahaRERA and update them on the website. This helps monitor construction progress and expenses, and allows homebuyers to access project-related information.

    Out of 2,369 projects registered between January and April 2023, 886 had not submitted Quarterly Progress Reports. Notices were issued to these projects, and penalties were imposed on 672 projects. Despite penalties, 244 projects still did not update their reports. Efforts are underway to ensure compliance from these projects.

    In total, 212 projects have not responded to communications from MahaRERA, with 60 registered in January 2023, 58 in February 2023, 40 in March 2023, and 56 in April 2023.

    Also read: What’s Behind the Surge in Home Sales in Chennai?

    Related Posts

    Latest posts

    Maharashtra to Publish Draft RR Rates Online for Public Feedback

    PUNE — In a first, the Maharashtra government has directed the registration department to publish proposed Ready Reckoner...

    India ranks third in global LEED green building certification for 2024

    India has retained its third-place ranking in the U.S. Green Building Council’s (USGBC) annual list of the top...

    Prestige Group Expanding Mall Portfolio with New Projects in Mumbai & Delhi-NCR

    Real estate developer Prestige Group is expanding its retail footprint with new mall projects in Mumbai and Delhi-NCR,...

    RBI Offers Nariman Point Plot to Expand Headquarters

    Mumbai – The Reserve Bank of India (RBI) has offered ₹2,650 crore to Mumbai Metro Rail Corporation Limited...