The action taken by MahaRERA over non-compliance leads to a rise in quarterly project updates.

Even before the regulator issues a warning, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has noticed a rise in the number of projects adhering to the necessary requirement of Quarterly Progress Reports (QPR).

More than 222 projects, or 46.25% of the 480 projects registered in April 2023, have been prompted by the regulator’s rigorous action to submit their quarterly updates within the allotted time frame.

Remarkably, only two projects out of 746 (or 0.02% of all projects registered) in January 2023, roughly 19% (or 131 out of 700) in February, and about 34% (or 150 out of 440) in March 2023 had given quarterly updates prior to sending out any warning.

“In accordance with the regulations, housing developments must submit a Quarterly Progress Report (QPR) to MahaRERA and keep it updated on the internet. This facilitates the purchasers’ understanding of the project’s accurate and current status. It’s encouraging to see that projects responded 46.25% in March compared to 0.02% in January. However, MahaRERA demands and aims for a 100% response, according to Ajoy Mehta, Chairman of MahaRERA.

The regulator halted the registration of more than 3,388 real estate developers’ projects in September due to their failure to provide the required quarterly updates of project-related data.

According to the Real Estate (Regulation & Development) Act of 2016, this data needs to be updated. According to the rule, real estate developers need to register their projects with MahaRERA and update the relevant data every three months.

This is intended to assist buyers in understanding the status of the project, including the number of sold units, the amount of money collected, the expenses incurred, and whether or not those expenses are reasonable given the physical development.

MahaRERA has begun enforcing strict measures against projects; thus far, 741 projects have been placed on hold, and 195 of those have complied further, resulting in the issuance of withdrawal orders. At the moment, 546 projects are on hold, and their bank accounts have been frozen.