In a significant shift, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has witnessed a surge in compliance from developers as it intensifies its crackdown on timely quarterly progress reports (QPRs). The regulatory body’s strict measures have spurred developers to ensure the timely submission of reports, impacting the real estate landscape in the state.
Out of the 480 projects registered in April, an impressive 222 projects filed their QPRs within the stipulated timeframe. MahaRERA’s commitment to transparency in the real estate sector has led to a notable increase in compliance levels.
Non-compliance with the QPR requirement triggers serious consequences. MahaRERA has put 546 projects on hold and frozen their bank accounts due to failure in adhering to the reporting guidelines. This underscores the regulator’s dedication to enforcing accountability among developers.
Ajoy Mehta, Chairman of MahaRERA, highlighted the significance of quarterly progress reports in empowering homebuyers. The reports, posted on the MahaRERA website, offer a comprehensive view of a project’s current status. Homebuyers can track vital details such as units sold, funds collected, expenditures incurred, and the alignment of expenses with the project’s progress.
Mehta emphasized the positive response from 46.25% of projects in March, describing it as “certainly comforting” compared to the negligible 0.02% response in January. However, he reiterated MahaRERA’s ultimate goal of achieving a 100% response rate, insisting on developers’ adherence to reporting requirements.
By ensuring developers comply with QPRs, MahaRERA not only strengthens transparency but also empowers homebuyers. In the absence of such reporting mechanisms, homebuyers were historically at a disadvantage, with limited rights compared to developers.
MahaRERA’s resolute approach, under Mehta’s leadership since 2021, signals a paradigm shift in the real estate regulatory landscape. The increased compliance reflects a positive step toward greater accountability and transparency in the Maharashtra real estate sector.