In a groundbreaking move by the Maharashtra Real Estate Regulatory Authority (MahaRERA), a whopping 46 percent of projects registered in April 2023 have proactively updated their Quarterly Progress Reports (QPRs), well ahead of the stipulated deadline. This significant development comes on the heels of MahaRERA’s stringent actions against defaulters.
In a press note issued on Tuesday, MahaRERA highlighted the noteworthy surge in projects willingly adhering to mandatory requirements without the need for formal notices. Out of the 480 projects registered in April 2023, an impressive 222 (46.25%) have timely filed their QPRs.
This striking improvement is a stark contrast to the scenario in January 2023 when a mere 0.02 percent of the 746 registered projects had complied with regulations. February witnessed a modest increase, with 19% of 700 projects updating their QPRs, while March saw a more encouraging 34% compliance from 400 projects.
Ajoy Mehta, Chairman of MahaRERA, expressed his satisfaction with the progress, stating, ‘The 46.25% response in March compared to only 0.02% in January is encouraging and very comforting’. Emphasising the importance of Quarterly Progress Reports, Mehta noted, ‘These reports enable home buyers to know the exact current status of the project’.
Mehta affirmed MahaRERA’s commitment to achieving 100% compliance, acknowledging the improvement while underscoring the ongoing efforts to ensure all projects adhere to the regulations. ‘That is our goal and target’, he maintained.
Quarterly Progress Reports play a crucial role in empowering homebuyers to monitor various facets of a project, including units sold, funds collected, project expenditure, and the alignment of expenditure with progress.
In the interest of homebuyers, MahaRERA has taken stern actions against non-compliant projects, leading to the suspension of 741 projects initially. However, the impact of MahaRERA’s actions has been evident, as 195 projects fell in line and complied with regulations, subsequently receiving withdrawal orders. Presently, 546 projects remain in suspension, with their bank accounts frozen, as indicated in the press note. The regulatory body continues its vigilant efforts to uphold the interests of homebuyers and maintain a robust regulatory framework.
According to legal experts at Vakilsearch, the surge in MahaRERA compliance reflects a positive shift in real estate accountability. Proactive adherence enhances buyer confidence, marking a pivotal moment in the industry. In a changing real estate landscape, legal clarity is paramount.
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