MahaRERA Concerns: 212 Projects Launched Since Jan 2023

MahaRERA has raised concerns over 212 housing projects due to missing quarterly construction updates. Pune tops the list with 47 projects, followed by Palghar and Nashik with 23 each. These projects, all launched in the first quarter of the previous year, lack essential progress reports.

In response to this issue, MahaRERA has published a district-wise list of these projects on its website to warn potential investors. According to MahaRERA officials, developers are obligated to submit quarterly progress reports after registering their projects, but many are failing to comply. This lack of adherence to regulations raises doubts about the seriousness of these developers towards completing their projects.

The quarterly and annual reports are crucial for monitoring construction progress, expenses, and other project-related aspects. They also allow homebuyers to access necessary information about the projects they have invested in or are considering investing in. However, with developers neglecting to provide these updates, there's growing concern among authorities and homebuyers.

Developers of the flagged projects have been served notices, and their registrations are currently under suspension. Despite repeated reminders, developers have failed to provide the required details, further exacerbating concerns about the status of these projects. However, MahaRERA has not yet cancelled the registration of these projects.

Homebuyers' organisations argue that these construction projects should be outrightly cancelled if developers aren't serious about completing them. They emphasise that merely flagging the projects isn't enough. Developers should not be allowed to continue adding to the list of incomplete projects.

This situation highlights the importance of transparency and accountability in the real estate sector. Homebuyers deserve assurance that their investments are being managed responsibly and that developers are committed to completing projects on time. MahaRERA's actions serve as a reminder to developers about the importance of fulfilling their regulatory obligations and maintaining transparency throughout the construction process.