The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against 388 projects whose registration pages on the regulator's portal did not have the Quarterly Progress Reports (QPRs) updated. The authorities have told the projects to stop marketing any housing inventory.
MahaRERA has also issued orders to freeze their banking accounts. Additionally, the Inspector-General of the Registrar of Stamps and Registration has been instructed to refrain from registering any agreements for the sale of these projects.
The affected projects are spread across various regions of Maharashtra. These include 127 projects in the Mumbai metropolitan region (MMR), 120 in western Maharashtra, 57 each in North Maharashtra and Vidarbha, 16 in Marathwada, and 11 in Konkan.
MahaRERA had started a monitoring effort in January this year, when 746 new housing projects were filed with the regulator. The authority had appointed former IAS officer Sanjay Deshmukh. His duty was to gather information on projects that were failing to update necessary information on the portal.
The Authority had also created a technique for tracking project progress that was based on financial quarters. It then urged project promoters to offer up-to-date information so that homebuyers could make an informed decision.
MahaRERA had sent a reminder every three months to the 746 newly registered projects regarding their QPR. However, only three projects initially responded to the appeals. The authority then issued two show cause notices to the non-complying projects, giving them enough time to update their QPR. Only 358 projects had responded to the notice.
What are QPRs?
QPRs are supposed to provide accurate information about a project. This includes the number of units that are available in a project, the number that are booked, their configurations, and the development's status.
Promoters of the project only needed to fill out Forms 1 through 3 with this information and upload them. In addition to financial data on cash raised through bookings and spending during the quarter, the QPRs also help MahaRERA track the financial health of the projects.
RERA Act
Section 11 of the Real Estate (Regulation and Development) Act (RERA) requires project promoters to file quarterly and annual progress reports on the MahaRERA website.
MahaRERA has also mandated that QR codes be displayed on projects. They will provide prospective home buyers with current and transparent information about ongoing developments. The authority has also planned to introduce a rating system for projects in early 2024.
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