INDIA. Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has served show cause notices to 563 Developers for their failure to upload quarterly details of flat registrations, money received from flat buyers, the money spent for construction etc, on its website.
The notices have been served under section 07 of the Real Estate (Regulation and Development) Act, 2016, warning developers that the registration of their projects will be cancelled if they fail to provide the required details within 45 days from now. Section 7(2) of the Act provides for action against developers if they are involved in any kind of unfair trade practices or irregularities.
The developers are required to upload the quarterly details of flat registrations etc, on MahaRERA’ website. As per the rules, the developers are required to deposit 70 per cent of the amount received from flat buyers in the bank. Besides, they are required to furnish the details of the amount spent, supported by the certificates issued by the architect, engineer and statutory auditor etc.
Initially, 746 developers were asked to provide the required information by April 20. Of these, 183 developers submitted the information. However, the remaining 563 developers did not respond. Now they will have to furnish the required information, and if they fail, their registrations will be cancelled, Ram Dotonde, Spokesman of MahaRERA, said, adding that their bank accounts related to the projects can also be cancelled. Besides, there could be restrictions on their new registrations.
The district-wise the developers who have been served notices are:
Pune-124, Nashik-98, Thane-71, Nagpur-48, Raigad-40, Palghar-35, Mumbai suburbs-33, Satara-16, Aurangabad-13, Amravati-11, Sangli-10, Kolhapur-10, Wardha-08, Ratnagiri-07, Sindhudurg-07, Solapur-06, Mumbai city-05, Ahmednagar-04, Jalgaon-03, Akola-02, Chandrapur-02, Wahim-02, Latur-02, Beed-01, Dadra and Nagar Haveli-01, Dhule-01, Nanded-01, Parbhani-01, and Yavatmal-01=563.