AMN
The Maharashtra Real Estate Regulatory Authority (Maha RERA) has issued show-cause notices to 313 big projects across the state today. The statement issued by Maha RERA said the watchdog appointed a reputed audit firm to look at projects at a micro level, and the notices have been sent to projects red-flagged by the firm.
Maha RERA pointed out several shortcomings, including total expenditure claimed to be incurred by a developer not reflecting on the ground. There are situations where the developer has claimed 75 per cent of the budgeted expenditure is done while the project is only 50 per cent complete. Among projects that have been issued the notices, suburban Mumbai accounts for the maximum number of projects at 109, followed by neighbouring Thane with 58, Pune at 56 and Mumbai City at 44.