TheMaharashtraReal Estate Regulatory Authority has issued show-cause notices to 584 of the 746 new housing projects registered in January for not updating quarterly information.<\/p>\n
The notices have been issued as these the project-related update information was not updated on the website by April-end, said the MahaRERA officials. These projects are worth approximately Rs 22,449 crore and have about 50,228 units, they added.
As per section 11 of theRERA Act, 2016, once a project is registered with the regulator, the information provided by the projects promoter at the time of registration needs to be updated every three months. This information pertains to unit bookings, received, expenditure incurred, changes in plans besides other crucial details.<\/p>\n
The Real Estate Act mandates that developers register and update Forms 1, 2, and 3 every three months on the website, detailing how much registration money has been received, how much has been spent, and other important customer-related matters.<\/p>\n","protected":false},"excerpt":{"rendered":"