The Maharashtra Real Estate Regulatory Authority (MahaRERA) has started to witness an increase in the number of projects complying with the mandatory requirement of Quarterly Progress Reports (QPR) even before any notice is served by the regulator.
The strict action initiated by the regulator has prompted more than 222 projects or 46.25% out of 480 projects registered in the month of April 2023 to file their quarterly updates within the stipulated time limit.
Notably, only two out of 746 projects or 0.02% projects registered in January 2023, around 19% or 131 out of 700 projects registered in February and around 34% or 150 out of 440 projects registered in March had provided quarterly updates before issuing any notice.
“As per the regulatory provisions Quarterly Progress Report (QPR) of housing projects is mandatory to be submitted to MahaRERA and updated on the website. This helps the homebuyers to know the current and correct status of the project. The 46.25% response of projects in March compared to January’s 0.02% is certainly comforting. But MahaRERA is aiming for 100% response and insists on that,” said Ajoy Mehta, Chairman, MahaRERA.
In September, the regulator had suspended the registration of over three 388 projects of real estate developers for not complying with the mandatory update of information related to their projects on quarterly basis.
This information is required to be updated as per the Real Estate (Regulation & Development) Act, 2016. The regulation states that realty developers must register their projects with MahaRERA and update the information related to the same on a quarterly basis.
This is aimed at helping homebuyers know progress of the project such as how many units are sold; how much money was collected and the expenditure incurred and to understand whether the expenditure incurred is commensurate with the physical progress.
MahaRERA has started taking stringent actions against projects and total 741 projects are held in abeyance till date and 195 out of them further complied and withdrawal orders were issued. Currently around 546 projects are held in abeyance and their bank accounts have been frozen.
