According to an official statement, the watchdog has engaged a reputable auditing firm as part of its directive to review projects at a detailed level, and show cause notices have been sent to projects that the firm has identified as problematic. .
The Maharashtra Property Regulatory Authority sent show cause notices to 313 major projects in the state on Monday, after an external audit report identified several shortcomings.
According to an official statement, the watch dog engaged a reputable auditing firm as part of its directive to review projects at a detailed level, and show cause notices were sent to projects that the firm identified as problematic.
The regulator noted that the total expenses allegedly incurred by a promoter were not reflected on the ground. As examples of flaws, he said there were cases where a developer claimed that 75% of planned spending was done, but the project was only 50% complete.
The statement continued, “Similarly, there are instances where the expected completion date is less than six months away, but the work is less than half complete.” He also said the audit considered statutory progress reports filed with Maharera, developer assessments and information from bankruptcy courts.
According to Maharera’s statement, professionals familiar with the banks and the income tax collection division have been assigned to investigate by visiting such schemes.
If a developer cooperatethe investigator’s report will be considered final, and action will be taken, the statement warns.
Among the projects that received the notices, Mumbai Suburb accounts for the maximum number of projects at 109, followed by neighboring Thane with 58, Pune at 56 and Mumbai City at 44, according to the statement.
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