The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers and promoters across the state for not receiving satisfactory responses with regards to information about their projects.
As part of enabling the Close Monitoring System, the regulator has started reviewing the projects registered since its inception in May 2017 till March 2022.
Following this, in January, MahaRERA had issued show cause notices to 19,500 projects that had not updated the mandatory project information as per section 11 of the Real Estate (Regulation & Development) Act, 2016. However, over 16,000 project promoters have either not responded to these notices or have submitted unsatisfactory responses.
The notices have been sent to the emails submitted to the MahaRERA at the time of project registration. These promoters are requirted to update the required clarifications and information within 15 days of receiving the notice.