In a probe drive targeting 10,773 housing projects that failed to meet deadlines, the Maharashtra Real Estate Regulatory Authority (Maharera) has issued show-cause notices to 3,406 failed housing projects in Pune, the second highest in the state after the Mumbai metro. area.
According to Maharera, notices were issued to developers who had not updated their project completion status or sought extension even though their announced timeline had expired. Therefore, developers are required to submit occupation certificate along with Form 4 or extend the deadline within 30 days of notification.
Failure to comply will result in severe penalties, including suspension or cancellation of project registration, ban on flat sales, and freezing of related bank accounts, the authority said.
The Pune region accounted for 3,406 futile projects, second only to the Mumbai metropolitan region’s 5,231 projects. Other affected areas include Nashik (815 projects), Nagpur (548), Sambhaji Nagar (511), Amravati (201), Dadra and Nagar Haveli (43), and Daman and Diu (18).
Micro-surveillance is intensified
Speaking about the crackdown, Maharera Chairman Manoj Saunik emphasized the regulatory body’s commitment to protecting home buyers.
“According to the provision, if developers fail to submit occupation certificate in Form 4 or seek extension, Maharera has no option but to suspend or cancel the project registration. It restricts the sale and purchase of flats and freezes the project’s bank accounts. We request you not to get into any unpleasant situation,” he said.
Saunik said micro-monitoring of the sector has been intensified through the regulatory authority’s compliance cell to ensure timely submission of progress reports and status updates.
Under Section 11 of the Real Estate (Regulation and Development) Act 2016, developers have to update quarterly project progress and annual reports on the MahaRERA website.
Why should you buy our membership?
You want to be the smartest in the room.
You want access to our award-winning journalism.
You don’t want to be confused and misinformed.
Choose your subscription package
Click here to join Express Pune Whatsapp Channel And get a curated list of our stories