The Maharashtra Real Estate Regulatory Authority (MahaRERA) has intensified its efforts to enforce transparency and discipline in the real estate sector. By insisting on the submission of Quarterly Progress Reports (QPR), MahaRERA aims to empower homebuyers and hold developers accountable for project timelines and financial progress.
In recent developments, MahaRERA’s stringent actions against non-compliant developers have shown positive results. While a significant number of stakeholders are now voluntarily updating QPRs, there remains a concerning group of developers failing to fulfill this mandatory requirement.
MahaRERA Chairman Ajoy Mehta Warns of Strict Measures:
Ajoy Mehta, Chairman of MahaRERA, emphasized the authority’s commitment to ensuring compliance with regulatory provisions. He stated that the Financial Quarter Based Project Progress Reporting System, implemented from the first quarter of projects registered since January 23, has led to increased discipline among developers. Mehta warned against indifference and irresponsibility toward customers, pledging more stringent measures to enforce compliance.
Positive Outcome and Persistent Concerns:
While the positive outcome is evident with 52.6% of projects updating required forms in June, concerns arise due to the significant number of developers who continue to neglect quarterly updates. Out of 886 developers, 234 have not submitted QPR despite paying penalties, and 323 have not responded to notices and actions, totaling 62.86% non-responders.
Ensuring Homebuyer Interests:
MahaRERA’s focus on QPR submission stems from its commitment to homebuyers. The quarterly updates provide the latest information on a project’s construction progress, costs, and other essential details. This ensures that homebuyers have easy access to accurate information about their investments.
Ongoing Scrutiny and Strict Actions:
To uphold the interests of homebuyers, MahaRERA initiated the “Scrutiny of Quarterly Financial Progress Report of Projects” from January 2023. Strict actions, including project suspensions, freezing bank accounts, and restrictions on flat sales and marketing, have been taken against developers not complying with mandatory reporting requirements.
In summary, MahaRERA’s insistence on discipline through QPR submission is reshaping the real estate landscape, providing transparency, and empowering homebuyers with accurate and timely information.
