Amidst the dynamic landscape of Maharashtra’s real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has sounded the alarm over 212 housing projects launched between January and April 2023.
Expressing grave concerns, MahaRERA has highlighted the lack of transparency and compliance exhibited by these ventures, prompting cautionary advisories for potential homebuyers across the state. The absence of construction status updates from these projects, a mandatory requirement post-registration with MahaRERA, raises serious doubts about their credibility and adherence to regulatory norms. MahaRERA has emphasized the importance of Quarterly Progress Reports (QPR) as a fundamental tool for monitoring construction progress, financial outlays, and project-related disclosures, underscoring developers’ responsibilities towards homebuyers. Pune emerges as a hotspot for these non-compliant projects, with 47 ventures under scrutiny, followed closely by Nashik and Palghar, each reporting 23 such cases. District-wise lists published by MahaRERA aim to provide transparency and empower consumers with vital information to make informed decisions amidst the burgeoning real estate market.
In broader regional terms, the Mumbai Metropolitan Region (MMR) and Konkan witness the highest concentration of non-compliant projects, totaling 76, while Pune stands at 64. This geographic spread underscores the widespread nature of the issue and the need for vigilant oversight across Maharashtra’s real estate landscape. MahaRERA’s proactive measures to enforce regulatory compliance include issuing notices, penalties, and, in severe cases, suspension of projects under the Real Estate (Regulation and Development) Act, 2016. Despite concerted efforts to engage with defaulting developers, a significant number remain non-responsive, posing challenges to effective regulatory enforcement. The implications of non-compliance extend beyond regulatory infractions, impacting consumer trust, project viability, and overall sectoral integrity. As MahaRERA continues its efforts to engage with defaulting developers, the imperative for transparency, accountability, and adherence to regulatory frameworks remains paramount in sustaining the integrity of Maharashtra’s real estate ecosystem.
