500 projects in Pune under the scanner for violating Rera norms
As per the Section 11 of Rera, it is mandatory for the developer to update information about project completion and the number units sold from each project sold, for every registered project.pune Updated: Jun 15, 2018 15:01 IST
The Pune court of the Maharashtra real estate regulatory authority (Maha-Rera) has shortlisted 500 real estate projects for failing to abide by the Real Estate (Regulation and Development) Act, 2016 (Rera).
As per the Section 11 of Rera, it is mandatory for the developer to update information about project completion and the number units sold from each project sold, for every registered project. If developers fail to provide this information, they are liable to pay five per cent of the estimated cost of the project as penalty to Maha-Rera.
FD Jadhav, deputy secretary of Maha-Rera, Pune, said , “We do not have updated information about 500 projects in the city. According to the norms, it is mandatory for developers to update information about the status of their projects.
However, following their mandatory registration with the regulator, most realty developers seem to have either forgotten to update the information every quarter, or just ignored the norms.”
A total of 25, 000 projects are registered under Rera across the country. Over 16,000 of them are registered in Maharashtra. More than 3,000 projects are registered in Pune.
A Maha-Rera official, on the condition of anonymity, said, “We have observed that small projects with a carpet area lower than 50,000 sq ft are usually the ones which do not have updated details. This leads us to believe that small developers refrain from updating the relevant information.”
Major developers in the city have always updated the project information at regular intervals, the official added.
Jadhav said, “Small developers must abide by the rules and regulations. For a long time, the authorities did not act upon violations. This will change. Henceforth, strict action will be taken against all the developers who violate the norms.”
First Published: Jun 15, 2018 14:44 IST