Hey folks, have you heard about the latest news on housing projects in Pune district? It seems like developers there are not playing by the rules! According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), there are a whopping 487 non-compliant projects in Pune facing some serious consequences.
But Pune isn’t the only one in trouble. Raigad and Thane are also on the naughty list with 240 and 204 projects respectively. And let’s not forget about Mumbai Suburban and Mumbai City, with 111 and 51 projects under scrutiny.
Last month, MahaRERA sent out show-cause notices to developers of over 10,000 lapsed housing projects. While some developers managed to update their status in time, many failed to do so. As a result, registrations of 1,905 projects across the state are set to be suspended.
MahaRERA is not messing around when it comes to compliance. Developers are required to regularly update project status and meet completion deadlines. Failure to do so can lead to penalties, frozen bank accounts, and even restrictions on property transactions.
So, if you’re a developer in Maharashtra, it’s time to get your act together and start following the rules. Otherwise, you might find yourself in hot water like those in Pune district. Stay tuned for more updates on this developing story!
Thanks For Reading Report of Punepress.com