MahaRERA sees surge in project compliance with quarterly reports
Real Estate

MahaRERA sees surge in project compliance with quarterly reports

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.

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.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?