MUMBAI: Even as the Real Estate (Regulation and Development) Act mandates that promoters update quarterly progress reports of projects detailing the bookings, status, changes in the project or building plan, list of approvals taken and pending subsequent to a commencement certificate, amount deposited in and withdrawn from separate bank accounts for the project, and so on, the state body suspended the registration of 388 projects for failure to adhere to these norms.
Developers of these 388 projects were given notices with a time period of 15 and 45 days to do the needful. However, as the developers failed to meet the deadlines, project registrations have been suspended. Following the suspension, bank accounts of these projects are being frozen and promoters will not be allowed to sell, advertise or market units in the projects.
This May, MahaRERA had initially issued a 15-day notice to promoters of as many as 743 of the 746 projects registered in January; they had failed to update the quarterly progress reports of their projects three months after registration. Promoters of just three projects had updated the progress reports. Subsequently, in July, MahaRERA issued a showcause notice with a 45-day deadline. Promoters of as many as 355 projects responded to the notices while those of 388 did not.
“Registration of these 388 projects has been kept in abeyance as their promoters did not respond to all these notices,” said a MahaRERA official.
The promoters will not be allowed to book, sell or offer for sale any units in their real estate projects. The joint registrars with jurisdiction to register agreement for the sale or sale deed have been directed to not register any agreement in respect of the units in these projects. Besides, MahaRERA is in the process of directing banks holding accounts of these projects to freeze them. The promoters can apply for restoration of the project registration number after complying with provisions of the Act and paying a penalty of Rs 50,000.
MahaRERA has so far informed promoters of 100 projects about the suspension of registration. The rest would be informed too in the next 2-3 days.
Developers of these 388 projects were given notices with a time period of 15 and 45 days to do the needful. However, as the developers failed to meet the deadlines, project registrations have been suspended. Following the suspension, bank accounts of these projects are being frozen and promoters will not be allowed to sell, advertise or market units in the projects.
This May, MahaRERA had initially issued a 15-day notice to promoters of as many as 743 of the 746 projects registered in January; they had failed to update the quarterly progress reports of their projects three months after registration. Promoters of just three projects had updated the progress reports. Subsequently, in July, MahaRERA issued a showcause notice with a 45-day deadline. Promoters of as many as 355 projects responded to the notices while those of 388 did not.
“Registration of these 388 projects has been kept in abeyance as their promoters did not respond to all these notices,” said a MahaRERA official.
The promoters will not be allowed to book, sell or offer for sale any units in their real estate projects. The joint registrars with jurisdiction to register agreement for the sale or sale deed have been directed to not register any agreement in respect of the units in these projects. Besides, MahaRERA is in the process of directing banks holding accounts of these projects to freeze them. The promoters can apply for restoration of the project registration number after complying with provisions of the Act and paying a penalty of Rs 50,000.
MahaRERA has so far informed promoters of 100 projects about the suspension of registration. The rest would be informed too in the next 2-3 days.
