The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a tough stance on developers who fail to submit quarterly progress reports (QPRs) for their projects. This stance has led to a positive trend in the number of developers who are submitting QPRs on time.
In April 2024, 46.25% of the 480 projects registered with MahaRERA submitted QPRs on time. This is a significant increase from the 0.02% of projects that submitted QPRs on time in January 2024, 19% in February 2024, and 34% in March 2024.
MahaRERA has also taken action against developers who have failed to submit QPRs on time. In January, February, and March 2024, MahaRERA suspended 741 projects for failing to submit QPRs. Of these projects, 195 have since submitted QPRs and had their suspensions lifted. The remaining 546 projects remain suspended, and their bank accounts have been frozen.
The QPRs must be submitted to MahaRERA on a quarterly basis. They provide information on the progress of a project, including the number of units sold, the amount of money received, the amount of money spent, and any changes to the project plan.
MahaRERA’s tough stance on QPRs is a positive development for homebuyers. It helps to ensure that developers are held accountable for the progress of their projects and that homebuyers are kept informed of the latest developments.
In addition to the QPRs, MahaRERA requires developers to submit other documents to the authority, such as project plans, completion certificates, and financial statements. These documents are also important for homebuyers, as they provide information about the project and the developer.
MahaRERA is committed to protecting the interests of homebuyers in Maharashtra. The authority’s tough stance on QPRs is just one example of its efforts to ensure that homebuyers have the information they need to make informed decisions about their investments.