MAHARERA’s Strict Measures Elicit Positive Response: 46% Projects Submit Quarterly Reports Before Due Date

Mumbai, 2nd January 2024: The Maharashtra Real Estate Regulatory Authority (MAHARERA) has reported a notable surge in compliance, with 46% of projects submitting their Quarterly Progress Reports (QPR) for the month of April before the due date. This marks a significant improvement from January’s mere 0.02%, 19% in February, and 34% in March.

Out of the 480 projects reported in April, 222 projects, or 46.25%, successfully submitted all necessary forms to MAHARERA, updating them on the official website within the stipulated timeframe. An additional 50 projects updated their information on the website but are yet to submit the details to MAHARERA. If these developers comply, the submission ratio will reach 57%. MAHARERA, in its commitment to upholding regulatory provisions, plans to enforce stricter actions against non-compliant developers in the coming year.

The proactive measures taken by MAHARERA, including a moratorium on projects failing to update quarterly information, have yielded positive outcomes. This is evident in the increased response to the QPR submission in April compared to the previous months.

In January, only 2 out of 746 projects (0.02%) updated their progress reports without any notice. Similarly, in February, 131 out of 700 projects (19%) complied, and in March, 150 out of 443 projects (34%) submitted the required information.

The Quarterly Progress Reports are essential for tracking the number of registered flats and garages, financial transactions, project plan changes, and other relevant details. Forms 1, 2, and 3, containing this information, are mandated by law to be registered, updated, and submitted to MAHARERA’s website.

To ensure consumer interests are protected, MAHARERA initiated the “Scrutiny of Quarterly Financial Progress Reports of Projects” from the first quarterly reports in January. This Financial Quarter-Based Project Progress Reporting System includes strict actions such as suspending projects and freezing bank accounts for non-compliance. So far, 741 projects failing to submit reports in January, February, and March have been suspended, with 195 completing the forms after paying penalties. Currently, 546 projects remain suspended.

MAHARERA Chairman Ajoy Mehta emphasized the mandatory nature of submitting the Quarterly Progress Report, stating that it enables customers to stay informed about the project’s current status. While the 46.25% response in April is a notable improvement, MAHARERA remains committed to achieving a 100% response rate.