The Maharashtra Real Estate Regulatory Authority (MahaRERA) is witnessing a notable uptick in projects adhering to the mandatory requirement of Quarterly Progress Reports (QPR) without any formal notice from the regulator.
Prompted by stringent regulatory actions, a significant 46.25% of the 480 projects registered in April 2023 submitted their quarterly updates within the stipulated timeframe. In contrast, only 0.02% of the 746 projects registered in January 2023, 19% of the 700 projects registered in February, and approximately 34% of the 440 projects registered in March provided updates proactively, prior to receiving any notice.
Ajoy Mehta, Chairman of MahaRERA, commented on the regulatory provisions, emphasising the mandatory submission of Quarterly Progress Reports (QPR) for housing projects. Mehta acknowledged the positive increase in the project response rate from 0.02% in January to 46.25% in March, but reiterated MahaRERA's goal of achieving a 100% response rate.
In September, MahaRERA took decisive action by suspending the registration of 388 real estate projects for non-compliance with the mandatory quarterly information update. According to the Real Estate (Regulation & Development) Act, 2016, developers are required to register their projects with MahaRERA and provide quarterly updates, facilitating transparency for homebuyers regarding project progress, units sold, funds collected, expenditures incurred, and the correlation between expenses and physical progress.
MahaRERA has taken stringent measures against non-compliant projects, with a total of 741 projects currently held in abeyance. Of these, 195 projects have since complied, leading to the issuance of withdrawal orders. Presently, 546 projects remain in abeyance, and their bank accounts have been frozen as part of the regulatory measures.
