Winning Bizness Sports Desk
Mumbai: Maharashtra's real estate regulatory body Maharera has come heavily on earring builders. It was mandatory for them to update the information about the construction project to the customers. However, by not adhering to this, Maharera has given a blow to 388 builders and bank accounts of projects of these builders have been frozen and they have been banned from advertising, marketing and selling flats. Apart from that, the respective sub-registrars have also been instructed not to register the agreement for sale and the sale deed of the flats in these projects. Maharashtra's real estate regulatory body Maharera, while issuing a statement said that 746 projects registered with Maharera in January to register Forms 1, 2 and 3 on the website detailing information such as how many flats, garages were registered in the first 3 months of the project, how much money was received, how much was spent, changes in the building plan (if any) as per the Real Estate Act till April 20, updated It was imperative to do.
Maharera took strict decision
The Maharera issued a serious notice of 15 days first and then 45 days to the developers who failed to comply and then why not to cancel or suspend the registration of the project under section 7. Maharera has taken a strict decision to suspend the registration of the projects of 388 developers who do not respond to this. As a result of this, the bank accounts of these projects are being frozen and they will not be able to do anything like advertisement, distribution, sale of flats. Moreover, Maharera has instructed the concerned deputy registrars not to register any sale transaction (Agreement for Sale) and deposit in this project.
Customers need to know everything
Basically, this is a legal provision in the Real Estate Act so that the basic information about the relevant project is available to the customer who has invested in these projects. Maharera has taken this strict action considering this indifference of the developers towards the consumers as violation of the rights of the consumers. The decision to take action has been communicated to more than 100 developers via e-mail. Meanwhile, Maharera has informed that the decision will be communicated to the rest of the developers in the next two-three days. These are the projects reported in January 2023. These projects were required to file, update these quarterly forms by April 20. Initially only 3 people updated this information. After sending the notices, 358 developers have responded and 388 have not responded.
