In 2023, the Maharashtra Real Estate Regulatory Authority (MahaRERA) took action against defaulters who failed to update their Quarterly Progress Reports (QPRs). Following this, nearly 46% of projects registered with the body in April 2023 have updated their QPRs before crossing the due date.
As per data, 480 projects were registered in April 2023. QPRs for 222 projects (46.25%) have been filed before the due date.
On January 2, 2024, MahaRERA issued a press note stating that there has been a remarkable increase in the number of projects that have now started to comply with mandatory requirements. The project owners are doing so even before any notice is served to them.
In January 2023, 746 projects were registered, and only two (0.02%) complied with the regulations of MahaRERA. In February 2023, 700 projects were registered, and 131 projects (19%) had updated their QPRs. Similarly, in March 2023, 400 projects were registered, but only 150 projects (34%) had updated their QPRs.
Chairman of MahaRERA, Ajoy Mehta, said that the 46.25% response of projects in recent times, as compared to only 0.02% in January 2023, is very encouraging and comforting. It is compulsory to submit Quarterly Progress Reports for housing projects. Promoters of these projects must update QPRs on the website periodically. These quarterly reports enable home buyers to know the current status of the project in which they are investing.
Ajoy Mehta said that even though there is a remarkable improvement in the number of people updating their quarterly project reports, MahaRERA is working towards ensuring that each registered project owner updates all the information.
Ajoy Mehta further affirmed that now they aim to have all of the project owners (100%) update QPRs on time.
As per the MahaRERA rules, customers need sufficient information to make a knowledgeable choice before purchasing real estate, and other initiatives did not meet this need. The Financial Quarter-Based Progress Reporting System was implemented for all registered project owners or developers by MahaRERA in January 2023. Under this system, it is mandated that all active projects submit real-time data on the precise number of bookings, construction status, sales data, and other information needed for Forms 1, 2, and 3.
Since August 2023, the MahaRERA has made it compulsory for project owners to display QR codes on advertisements, or they will have to pay up to INR 50,000 as a fine. MahaRERA officials stated that they appealed to all the citizens not to purchase or invest in projects that are being promoted without QR codes or project registration numbers.
MahaRERA has begun enforcing stringent penalties against projects that do not adhere to the rules, with the intention of protecting house buyers. 741 projects in total were initially put on hold. However, following MahaRERA's intervention, which included project suspensions too, the impact was good enough to improve results. 195 out of 741 projects complied with the regulations. The regulatory agency then gave them orders to withdraw.
The press release stated that 546 projects are currently on hold and that their bank accounts (associated with the sales of project owners) have been frozen.
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