Regn Of 248 Projects Suspended Over Failure To Update Reports, ET RealEstate
MUMBAI: MahaRERA has suspended registration of 248 projects, including three MHADA projects in Pune and Beed, which were registered in the month of February this year for not updating their quarterly progress reports.
Similarly, the registration of 224 projects registered in March are likely to be suspended for not updating their quarterly project reports. Meanwhile, MahaRERA is carrying out scrutiny of the reports updated by the developers of the 352 projects registered in February and some may face suspension, if they are found incomplete.
Of the 248 projects, whose registration has been cancelled, 99 are from the Mumbai Metropolitan Region (MMR). The quarterly progress report details aspects such as how many units were registered, the amount of money received, the expenditure incurred, changes in building plans, and has to be updated on the MahaRERA website.
Accordingly, developers of projects registered in February were required to update this information before July 20, while the developers of projects registered in March were to update it by October 20.
However, as several projects did not update information even after notices warning about suspension of registration of their projects were served, MahaRERA suspended the registration of the 248 projects. Of these, 99 are from MMR, 69 from Western Maharashtra, 28 from North Maharashtra and 40 from Vidarbha.
Earlier, the MahaRERA had suspended the registration of around 363 of the 700 projects in January this year. Subsequently, the promoters of several projects updated the information on the website and also paid a fine of Rs 50,000. However, developers of as many as 112 these projects are yet to update their reports till date with the MahaRERA.
“In all likelihood, the registration of these projects will be cancelled. But we have a process to be followed before the registration of these projects are cancelled. We will have to inform the stakeholders of the projects for example the financiers or lenders of the project. We will have to make them aware and give them some time before we cancel the registration,” said a MahaRERA official.
Once the MahaRERA suspends the registration of the projects, the bank accounts of these projects are frozen and the promoters of the project cannot advertise, market or sell the units in the project. Instructions are also given to concerned deputy registrars to not register any sale transaction and deposit in this project.