14 project developers get showcause notice from MahaRERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Friday issued showcause notices to 14 project developers for advertising their properties without completing registration. As per MahaRERA, every realty project developer has to register with MahaRERA first, and only then can they advertise and sell their properties. If they fail to abide by the rule, the regulatory body is empowered to stay suo motu action against such developers.

As per MahaRERA, of the 14 realty projects that have served notices, five are from Mumbai Metropolitan Region (MMR), and the remaining are from Pune (3), Nagpur (3), Aurangabad (2) and Nashik (1). Developers of these projects are expected to respond within seven days of issuance of the notice, failing which MahaRERA can penalise them.

Meanwhile, MahaRERA has urged the public to buy only registered projects to secure their investment, and if at all they face an issue, they can approach the authority for action, which becomes easy if the project is registered. Following registration of realty projects with MahaRERA, they are required to follow the procedure and give timely updates of progress of project on the MahaRERA portal. Projects built over 500 square metres, or have eight units, are required to register before advertising the project.

As on March 17, 2023, a total of 41,118 projects from across the state are registered with MahaRERA, of which 70% projects are yet to be complete.