In a significant move towards ensuring transparency and accountability in the real estate sector, the Maharashtra Real Estate Regulatory Authority (Maharera) has intensified its scrutiny of Quarterly Progress Reports (QPR) submitted by developers. Maharera’s strict monitoring of quarterly progress reports measures aim to streamline project construction, enhance cost management, and provide timely updates to homebuyers. The latest data reflects a positive trend in compliance, although challenges persist with a significant number of developers failing to adhere to regulatory requirements.
Encouraging Compliance Trends:
Recent updates on Maharera’s website indicate a notable improvement in compliance rates among developers regarding QPR submissions. Out of 633 projects reported in June, 333 projects, accounting for 52.6%, submitted all required forms before the due date. This marks a significant increase from previous months, highlighting the positive impact of Maharera’s strict enforcement measures.
Challenges and Non-Compliance:
Despite the encouraging response, a considerable number of developers continue to disregard Maharera’s directives. The data reveals that 62.86% of projects have either failed to submit QPRs or have not responded adequately, even after receiving notices and facing penalties. This indifference towards regulatory obligations raises concerns about transparency and accountability in the real estate sector.
Regulatory Provisions and Enforcement Measures:
Maharera emphasizes the importance of compliance with Section 11 Regulation Rules 3, 4, and 5 of the Real Estate Act, along with Order No. 33/2022, which mandates quarterly/annual submission of prescribed statement forms to the authority. Failure to comply with these provisions may result in stringent actions, including project suspension and freezing of bank accounts. Such measures aim to compel developers to fulfill their obligations and uphold consumer interests.
Positive Impact on Homebuyers:
The enhanced scrutiny of QPRs not only benefits developers in streamlining project management but also empowers homebuyers with access to accurate and timely information. By updating progress reports on Maharera’s website, developers provide transparency and enable homebuyers to make informed decisions about their investments.
The data reveals a progressive increase in the number of projects responding without notice, indicating growing awareness and compliance among developers. In February, 131 out of 700 projects (19%) responded, followed by 150 out of 443 projects (34%) in March, 222 out of 480 projects (46.3%) in April, 190 out of 383 projects (49.6%) in May, and 333 out of 633 projects (52.6%) in June. These figures demonstrate a positive trend towards regulatory compliance, accompanied by updated progress reports.
Conclusion:
Maharera’s strict monitoring of quarterly progress reports reflects its commitment to promoting transparency and accountability in the real estate sector. While there has been notable progress in compliance rates, challenges persist with a significant number of developers failing to meet regulatory requirements. Moving forward, strict enforcement measures and continued vigilance are essential to ensure adherence to regulatory provisions and safeguard consumer interests.