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Project update and its significance under RERA

Saturday, March 03, 2018

Apart from promoter and MahaRERA, project updation must be looked from the perspective of the buyer or customer as well. Advocate Tanmay Ketkar explains everything that should be known in this regard

The real estate sector was lacking transparency. The vital information about the real estate project was not readily and easily available for consumers. Now, Real Estate (Regulation and Development) Act, 2016 (RERA) is trying to bring about transparency in the real estate field. Currently, apart from commercial information, all valuable information about registered real estate projects is available on fingertips. Thanks to RERA, now buyers and prospective buyers can view and compare the various projects online.

Every real estate project is continuously undergoing the changes. The changes are of two types, first the physical changes i.e. slabs, plinths, construction activity, etc and second change in record and papers i.e. various permissions, sanctions, NOCs, sales, loan or mortgage, etc. Every real estate project and its physical status and documents or records are continuously undergoing the change till the completion of project.

Updation rules
The transparency will be of no use, if the real time or updated information is not available to the buyers or prospective buyers. That’s the reason the RERA in section 11(1), has specific provision for updating project information. Accordingly, every promoter is bound to update the project information at regular intervals and at least once in three months. As per registration rule 20, MahaRERA being the regulatory authority shall ensure that the project information is updated regularly.

The last date when the project information was updated is displayed on MahaRERA portal. Even though there is specific legal provision, very few promoters are regularly updating the project information. From information available on MahaRERA, it is evident that majority of the registered projects are not regularly updated.

Apart from promoter and MahaRERA, project updation must be looked from the perspective of the buyer or customer as well. The first thing a customer or prospective customer must look is the date on which the project is last modified/updated. More the time lapsed from last update, more are the chances of difference and quantum of difference, in information on MHARERA portal and actual situation of project. Property buying decision must be guided by the latest information, therefore regularly or recently updated project shall be given priority over other projects. Before investing in any project, a customer must endeavour to get the latest information from portal or from the office of the promoter. If the latest information is not available, it’s better not to invest in such projects.

Vigilant costumer
Customers who have already invested must be more watchful about the project update that the prospective customers. Prospective customer, on one hand can anytime turn the back, the customer, on the other cannot simply turn back, as his money is already invested. The customers must be watchful about the project updates and must insist the promoter to regularly update the project. The customers must carefully examine updates which could be detrimental, or which could affect his right and interest, e.g. like changes in plan, changes in layout or structure, changes in permissions or NOCs, loan or mortgage on project. Neglecting these updates could sometimes lead to dispute, loss and harassment.

What if the promoter in not updating the project information, or the project information updated in detrimental to the right and interest of consumers?

If the promoter is not updating the project, firstly it’s better to request and ask clarification from promoter. If the promoter is reluctant to update or the information updated is detrimental to right and interest of consumers, aggrieved consumers can very well approach the MahaRERA for redressal of grievance. Timely approaching the MahaRERA will prevent or at least minimise the possible loss of consumers. Being a consumer it is our duty to be vigilant.

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