The Maharashtra Real Estate Regulatory Authority (Maharera) has taken a strict stance by suspending the registration of 388 developers who failed to furnish quarterly information about their projects.
This quarterly information is mandated under the Real Estate (Regulation and Development) Act, 2016, which necessitates that developers not only register their projects with Maharera but also regularly update project-related data every quarter.
The required information encompasses crucial details such as the number of flats and garages registered during the first three months, the amount of funds received, expenditures incurred, and any alterations to the building plan.
In January 2023, Maharera issued notices to 746 developers, instructing them to update their project information. Initially, only three developers complied. Subsequently, after follow-up notices were dispatched, 358 developers responded appropriately. However, 388 developers remained unresponsive.
As a consequence of their non-compliance, Maharera has suspended the registration of these 388 developers. This suspension effectively prohibits them from advertising, marketing, or selling flats within their projects, and their bank accounts have also been frozen.
This stringent measure has been taken to ensure that developers adhere to legal obligations and to guarantee that consumers have access to essential project information when making investment decisions.
