Housing regulator MahaRERA has served display motive notices to 261 initiatives with of of entirety dates of December 2023 however are much less than forty in step with cent entire through March, inquiring for clarification on how they plan to finish those withinside the subsequent 9 months.
These initiatives, with investments ranging from ₹25 crore to ₹500 crore, has 45,539 housing devices out of which 26,178 are booked through homebuyers. Looking at the development pace, those are probably to be not on time and the emailed notices have sought responses from their promoters inside 15 days.
More than 1/2 of of those 261 initiatives are positioned in Mumbai (120) and Thane (43) along with 26 in Mumbai island town and ninety four in Mumbai suburban. Other ninety eight initiatives are positioned in Pune (sixty seven initiatives), Raigad district (15), Palghar (6), Nagpur(3), Nasik (2)and one every in Kolhapur, Satara, Amravati and Aurangabad districts.
According to the records that emerged for the duration of the undertaking tracking workout performed through MahaRERA, fifty three of those 261 initiatives have finished much less than 10% creation, forty four initiatives have finished among 10 and 20% paintings, 60 initiatives have completed among 20 to 30% slabs, and 104 initiatives have finished 30 to forty% paintings.
The records additionally discovered that during 15 initiatives, the developer has already spent 75-100% of the finances stored in a separate account with little paintings to expose for it. forty seven initiatives have spent 50-75% finances, ninety two initiatives have spent 25-50% of the allotted finances, and 106 initiatives have spent 25% in their scheduled expenditure. At least one undertaking has already spent 100% of its finances aleven though creation has now no longer improved proportionately.
According to Real Estate (Regulation and Development) Act provisions, promoters have to hold 70% of the finances accumulated for creation of a undertaking in a separate financial institution account, and to save you diversion of finances, the finances have to be withdrawn simplest with good enough certification from the chartered accountant, architect, and structural engineer because the undertaking completes slabs.
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