Mumbai: MahaRERA has suspended the registration of 388 projects across the state, including 127 in MMR, as their promoters failed to update quarterly progress reports. Of these, three are in Mumbai city district, 17 in Mumbai suburban district, 54 in Thane, 31 in Palghar and 22 in Raigad, reports Sanjeev Devasia. In the rest of Maharashtra, 89 projects are in Pune and 53 in Nashik, among others. This is the first time that such large-scale suspension of registration has been carried out, said MahaRERA officials.
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MahaRERA registration for 388 projects suspended
The Real Estate (Regulation and Development) Act in Mumbai has suspended the registration of 388 projects for failure to update quarterly progress reports. Developers were given notices with deadlines to comply, but as they failed to do so, project registrations have been suspended. Bank accounts of these projects are being frozen and promoters will not be allowed to sell or market units in the projects. Promoters can apply for restoration of the project registration number after complying with the Act and paying a penalty.
Builders without QR code in ads may be fined by MahaRera
The Maharashtra Real Estate Regulatory Authority (MahaRera) has made it mandatory for builders to include a QR code in all promotional documents for their projects. This move promotes transparency and provides easy access to relevant project documents for buyers. Failure to include the QR code can result in penalties of up to 5% of the project cost. The QR code directs buyers to the builder’s page on the Rera website, where they can find information such as project sanction, dimensions, and completion date. Builders have welcomed this initiative as it simplifies the sharing of information with buyers.
Only 7% realty agents get MahaRERA certs within Sept 1 deadline
Only 7% of real estate agents registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) have been certified by the agency to provide professional services. Out of the 44,858 registered agents, only 3,217 have received the certification. Agents are urging MahaRERA to extend the deadline for certification by six to seven months. Some agents argue that the certification is unnecessary and that if developers provide all the necessary details on the website, agents would not make mistakes or cheat homebuyers.