Maharashtra Real Estate Regulatory Authority (MahaRERA) has seen a remarkable shift in the way housing developers update their project details on its website. The proportion of projects submitting their Quarterly Progress Reports (QPR) has surged from a meager 0.02% in January 2023 to an impressive 62% currently. This surge is a testament to MahaRERA’s persistent efforts to bring greater transparency and accountability in the state’s real estate sector, empowering homebuyers to make informed decisions.
Increased Developer Compliance
In January 2023, MahaRERA’s Compliance Cell began monitoring the status of housing project updates and found that only 0.02% of the 748 active projects were updating their details regularly. Fast forward to today, the percentage has skyrocketed, with 11,080 out of 18,012 active projects—representing 62%—now ensuring their information is regularly updated. This shift was driven by a series of regulatory measures, including strict action against developers who failed to comply with the update deadlines.
The substantial increase in compliance reflects a broader effort by MahaRERA to enhance transparency and protect the interests of homebuyers. The updated information made available through QPR submissions has not only helped reduce the volume of complaints from buyers but has also provided greater clarity on various aspects of the housing projects, from construction progress to financial details.
Measures Implemented by MahaRERA
MahaRERA’s efforts to improve compliance have been multifaceted. The authority initiated strict actions such as freezing the bank accounts linked to non-compliant projects and suspending MahaRERA registration numbers. These steps ensured that developers adhered to the regulations and timelines established under the Real Estate (Regulation and Development) Act, 2016.
In addition to these measures, MahaRERA held seminars, discussions, and workshops aimed at educating developers about their duties and responsibilities. The Compliance Cell, established specifically to oversee this initiative, played a crucial role in taking legal actions against projects that failed to update their QPRs. Penalties, suspension of sale permissions, and even the freezing of project bank accounts were used to encourage developers to comply with MahaRERA’s regulations.
Reporting Requirements Under the Real Estate Act
Under the provisions of the Real Estate (Regulation and Development) Act, 2016, developers are required to submit updated QPRs four times a year—on January 20, April 20, July 20, and October 20. These reports must include detailed forms, such as Form 1 and Form 2, which cover the construction progress, as well as Form 3, which offers a financial breakdown of project details, including booked flats, parking spaces, payment received, and any amendments in the project plans.
These forms ensure that the information provided by developers is not only timely but also accurate and comprehensive, helping homebuyers assess the status of projects before making decisions. MahaRERA’s goal is to ensure that the details provided are always up-to-date, reflecting the most recent developments in the project’s construction and financial status.
Positive Outcomes for Homebuyers
One of the most significant outcomes of MahaRERA’s actions is the reduction in the number of complaints from homebuyers. By ensuring that developers comply with reporting standards, MahaRERA has empowered homebuyers with accurate information, reducing instances of miscommunication, fraud, and delays.
As the number of updated housing projects grows, homebuyers now have access to reliable data that helps them evaluate the progress of the projects they are interested in. This transparency has led to greater trust in the real estate market, as buyers can make decisions based on accurate and timely information.
Conclusion
MahaRERA’s consistent efforts to regulate the real estate sector in Maharashtra are showing clear results. The increase in developer compliance—from just 0.02% to 62%—demonstrates the authority’s commitment to ensuring that housing projects in the state are transparent and trustworthy. By holding developers accountable and ensuring that homebuyers have access to the latest project details, MahaRERA has taken significant steps toward creating a more efficient and reliable real estate market in Maharashtra.