NAGPUR: In a major boost to transparency in Maharashtra’s real estate sector, the number of developers updating their housing project details on the Maharashtra Real Estate Regulatory Authority (MahaRERA) website has surged from a mere 0.02% in January 2023 to an impressive 62% at present.
The sharp rise in compliance is attributed to MahaRERA’s stringent measures, including freezing bank accounts linked to non-compliant projects and suspending registration numbers. These actions, along with persistent follow-ups and awareness drives, have ensured that most developers now file their Quarterly Progress Reports (QPR) regularly, according to a statement by MahaRERA’s media advisor, Ram Dontonde.
Currently, Maharashtra has 18,012 active housing projects, of which 11,080 are updating their QPRs as mandated. This marks a significant improvement from January 2023, when only two out of 748 projects—just 0.02%—were compliant. The increased transparency has also led to a decline in homebuyer complaints.
“The obligation for developers to provide quarterly updates is outlined under Sections 3, 4, and 11 of the Real Estate (Regulation and Development) Act, 2016. Additionally, a court order dated July 5, 2022, further defines their responsibilities,” Dontonde said.
As per these regulations, developers must update QPRs on MahaRERA’s portal by January 20, April 20, July 20, and October 20 each year. These reports include Form 1 and Form 2, detailing construction progress, and Form 3, which provides financial updates such as the number of booked flats, received payments, incurred expenditures, and any modifications to project plans.
MahaRERA launched the ‘Financial Quarter-Based Project Progress Reporting System’ in January last year and established a dedicated Compliance Cell to enforce compliance. “The cell has played a key role in driving compliance through seminars, discussions, and legal actions, including penalties, suspension of flat sales, and account freezes. These efforts have significantly increased the number of developers updating their project details regularly,” the media advisor said.
MahaRERA has maintained a firm stance, warning that failure to update QPRs will not be tolerated. With the compliance rate now at 62%, the authority’s strict approach is yielding positive results, ensuring homebuyers have greater access to accurate and up-to-date project information.
Source Homevior.in
