Maharera Issues Show Cause Notice To 313 Incomplete Projects In Maharashtra

Mumbai, 20th February 2023: Maharera is eyeing 313 projects in Maharashtra where 75 per cent of the total cost of the housing project has been spent and with only six months to go, more than 50 per cent of the project work is incomplete. Maharera has issued show cause notices to 313 projects which are delaying the completion of the project considering the interests of the customers. The report of the Maharera-appointed financial audit firm has revealed discrepancies regarding 313 projects. According to this notice, strict action will be taken against the concerned developers if they do not complete the projects.

It is coming to light that Maharera registered projects are not being completed within the stipulated time frame and many provisions of RERA are being violated by this project. In this background, Maharera has found more than 19,000 such projects by combing the trees of projects violating the law and issuing notices to them. The information on these 19,000 projects has not been updated. Notices have been issued to these projects, and further action is underway.

Maharera has appointed a well-known financial audit firm in the financial sector to closely monitor the financial status of the project and financial transactions related to the project. With the help of the financial institution, Maharera has started reviewing these projects, which involve huge investments. The first report of this review revealed discrepancies in 313 projects.

According to the report, these 313 projects include projects that have spent 50 per cent of the total cost and are more than 50 per cent incomplete, with only six months left to complete the project. It also includes projects with more than 10 customer complaints. Show cause notices have now been issued to these projects. Strict action will be taken against the project which does not respond to this notice. These projects will be re-investigated by the investigating agency by going to the project site. At this time, the developers will have to submit a detailed plan to eliminate the defects and complete the project. Legal action will be taken against the project which does not submit such a plan and if discrepancies are found.