Over 1,000 builders respond to MahaRERA show-cause notices

Dated on: Thursday 9th March 2023

More than 1,000 of the 19,539 developers who received show cause notifications from MahaRERA in the last three months for failing to update project-related facts have responded. While some developers have informed the regulatory body that their projects have already been completed, others have stated that they will renew their projects within a month. According to a MahaRERA official, the figure will climb because many developers have still to react.

Section 11 of the RERA Act requires registered project developers to update their details every three months. Developers must give project status, financial situation, booking statistics, annual reports, and other information. Although projects were registered, MahaRERA discovered that the developers were not giving information on the project's status. Breach of section 11 of the act can result in a fine of up to 30% of the total project cost imposed on the developer. The goal of releasing project status details every three months, according to MahaRERA officials, is to keep potential homebuyers updated. This also contributes to the development of trust between purchasers and developers.

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