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The number of developers consistently filing their Quarterly Progress Reports (QPR) with the Maharashtra Real Estate Regulatory Authority (MahaRERA) has seen a significant rise. Currently, 62% of housing projects are updated on the MahaRERA website, a substantial increase from a mere 0.02% when the compliance review began. This improvement is attributed to MahaRERA's rigorous follow-ups, legal measures, and penalties, including freezing project-linked bank accounts and suspending registration numbers. The authority has reinforced compliance by establishing a dedicated Compliance Cell and implementing a Financial Quarter Based Project Progress Reporting System. These steps have led to enhanced transparency, reducing homebuyer complaints while ensuring that developers meet regulatory obligations.
There has been a notable surge in the number of developers regularly updating their housing project details by filing Quarterly Progress Reports (QPR) with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Presently, 62% of housing projects have updated information, a stark contrast to the mere 0.02% recorded when MahaRERA first initiated its compliance review back in January 2023. Advertisement
The availability of up-to-date information on MahaRERA's website has played a pivotal role in significantly reducing and managing the number of complaints from homebuyers.
This increase in QPR submissions is the result of MahaRERA's relentless efforts, persistent follow-ups, and stringent actions against non-compliant developers. Measures such as freezing project-linked bank accounts and suspending MahaRERA registration numbers have compelled developers to adhere to regulatory requirements.
At present, Maharashtra has 18,012 active projects, of which 11,080 are regularly updating their QPR, translating to 62% compliance. In comparison, in early 2023, when the Compliance Cell was introduced, only two out of 748 projects (0.02%) were maintaining updated reports.
Developers' responsibilities are outlined under Sections 3, 4, and 11 of the Real Estate (Regulation and Development) Act, 2016. Additionally, Order 33/2022, issued in July 2022, further defines the obligations of builders. As per these regulations, developers must update their QPR on the MahaRERA portal every 20th of January, April, July, and October. The report should include Forms 1 and 2, detailing construction progress, while Form 3 should provide a financial breakdown, including the number of flats and parking slots booked, payments received, expenditure incurred, and any modifications to the project plan. These details must be consistently updated to ensure transparency.
A dedicated Compliance Cell was also established to oversee implementation. Through this initiative, MahaRERA has conducted seminars, discussions, and legal proceedings against non-compliant projects, imposing penalties, suspending registration numbers, halting the sale of flats, and freezing bank accounts.
As MahaRERA continues to uphold stringent monitoring, this approach will likely foster greater accountability in the real estate sector, ultimately benefiting homebuyers by providing them with accurate and timely project information.
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