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The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday suspended the registration of 248 real estate projects out of the 700 registered with the regulator in February 2023. The suspension is because of the failure of developers to comply with submission of quarterly progress reports (QPRs). MahaRERA had sent notices to 485 of the 700 projects after which 237 uploaded the documents while the remaining 248 have been suspended. As part of this crackdown, MahaRERA has frozen the bank accounts of these 248 projects. They have also been prohibited from marketing and selling their inventory, and registrars have been directed not to register any agreements for sale of tenements in these projects. MahaRERA also sent notices under Section 7 of Real Estate (Regulation and Development) Act to 224 projects out of the 443 registered with it in March 2023, asking developers to comply within 30 days or face cancellation of the registration. Projects registered in February were directed to file their progress reports by July 20, while those registered in March were to submit it by October 20. The real estate regulator began implementing the financial quarter-based project progress reporting system in January this year. The QPRs are uploaded by respective developers on the MahaRERA website in order to make details of the projects available to the homebuyers. Promoters are required to upload three forms containing information about current construction status, financial information about bookings and fund collection every quarter. Overall, out of the total 248 projects, 99 projects are in Mumbai Metropolitan Region (MMR) and Konkan, 69 projects from western Maharashtra including 48 in Pune, 28 projects in north Maharashtra including 23 from Nashik; 40 projects in Vidarbha region including 31 in Nagpur; and 10 projects in Marathwada region including 8 in Sambhaji Nagar. In September, MahaRERA kept in abeyance the registration of 388 out of 746 projects registered in January 2023. Out of these, 222 projects had tried to submit the quarterly reports, but only 40 projects were fully compliant and had the necessary information. Mr Ajoy Mehta, the chairperson of MahaRERA, endorses the authority’s insistence on compliance with the regulatory provisions of quarterly and annual forms as it empowers customers. He believes making such information readily available to the public will empower customers to make more informed real estate investments. The authority has recently witnessed an uptick in the number of developers embracing these measures and wholeheartedly co-operating with the authorities for effective implementation. However, those that continue to ignore warnings are being taken to task. According to him, the completion of quarterly and annual forms is an inherent, essential and inevitable aspect of regulatory provisions in the real estate sector and therefore cannot be taken lightly.
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