Thursday, July 25, 2024

MahaRERA’s Tough Stance Spurs Surge in Quarterly Updates from Real Estate Projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has experienced a notable increase in project compliance with the mandatory Quarterly Progress Reports (QPR), driven by the regulator’s proactive measures against non-compliance.

Out of 480 projects registered in April 2023, over 46.25% (222 projects) have voluntarily submitted their quarterly updates within the specified timeframe, even before receiving any notices from the regulator. This marks a substantial improvement compared to previous months, where compliance was significantly lower.

In January 2023, only 0.02% of the 746 registered projects provided quarterly updates. Similarly, around 19% (131 projects) out of 700 registered in February and approximately 34% (150 projects) out of 440 registered in March had complied with the reporting requirement prior to receiving any notices.

Ajoy Mehta, Chairman of MahaRERA, emphasized the mandatory nature of Quarterly Progress Reports, stating that it is essential for homebuyers to stay informed about the current status of housing projects. While the 46.25% response in March is considered positive, MahaRERA aims for 100% compliance and enforces strict adherence to regulations.

In September, MahaRERA suspended the registration of over 388 real estate projects due to non-compliance with mandatory quarterly updates. The Real Estate (Regulation & Development) Act, 2016, mandates developers to register their projects with MahaRERA and provide quarterly updates, offering transparency to homebuyers regarding project progress, unit sales, funds collected, and incurred expenditures.

MahaRERA has taken stringent actions against non-compliant projects, with a total of 741 projects currently on hold. Out of these, 195 projects have complied, leading to the issuance of withdrawal orders. Presently, around 546 projects are on hold, with frozen bank accounts as a consequence of non-compliance.

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