The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that 107 real estate projects in the state are up for deregistration due to non-compliance with regulations. The authority has invited objections from developers and homebuyers before proceeding with the deregistration process.
The move is part of MahaRERA's efforts to ensure transparency and accountability in the real estate sector. Under the Real Estate (Regulation and Development) Act, 2016, developers are required to register their projects with the authority and comply with various regulations, including providing timely updates on construction progress and adhering to the promised timelines.
However, many developers have failed to comply with these regulations, leading to delays in project completion and causing financial losses to homebuyers. In response, MahaRERA has taken strict action against non-compliant developers, including imposing fines and deregistering projects.
The current list of 107 projects up for deregistration includes both residential and commercial properties across various cities in Maharashtra. Developers and homebuyers have been given a deadline of 30 days to submit objections to MahaRERA.
MahaRERA has assured that the deregistration process will be carried out in a fair and transparent manner, with due consideration given to objections raised by stakeholders. The authority has also urged homebuyers to exercise caution while investing in real estate projects and to verify the credentials of developers before making any payments.
In conclusion, MahaRERA's decision to deregister non-compliant real estate projects is a welcome move that will help restore trust and confidence in the sector. It sends a clear message to developers that they must comply with regulations or face the consequences. Homebuyers can also take comfort in the fact that their interests are being protected by a strong regulatory framework.
By LNN (Liyaans News Network)