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The crackdown on projects neglecting Quarterly Progress Reports (QPR) on the MahaRERA website is yielding positive outcomes. In the month of January only 2 out of 746 projects had updated this quarterly progress report on their own. On the contrary, 131 projects out of 700 projects in February and 150 projects out of 443 projects in March have updated the progress report without any notice. This means that the response which was a meagre 0.2% in January rose to 18.71% in February and almost doubled to 34% in March.
Forms 1, 2 and 3 containing the details of information regarding the number of flats/garages registered in the past 3 months, money received and spent, any changes in the project plan, etc are required by law to be registered and updated on the website of MahaRERA. In addition to Rules 3, 4 and 5 of Section 11 of the Real Estate Act, Sections 3 and Section 4 of the Order No. 33/2022 dated 5 July 2022 also mandates every developer to update the prescribed statement forms on the website on a quarterly/annual basis.
In order to ensure strict implementation of these provisions in the interest of consumers, MahaRERA started the Scrutiny of Quarterly Financial Progress Reports of Projects from the first quarterly reports of projects reported in January. MahaRERA has taken a clear stand that negligence and delay in this regard will not be tolerated. Therefore, out of 746 projects registered in January, 744 projects were issued notices under Section 7 of RERA Act and 363 projects were directly suspended affecting all transactions of these projects.
Out of the 1143 projects reported in February, March, about 463 (239 from February and 224 from March) are in the final stages of project suspension action under Section 7 due to lack of response. A decision will be taken soon once all the prescribed procedures are completed.
Another important aspect is that as per MahaRERA, a separate account number has to be opened in a nationalized bank for the project concerned. 70% of the money coming from customers under registration has to be kept in this account. Forms 1, 2 and 3 certified by Project Engineer, Architect and Chartered Accountant of the project have to be submitted while withdrawing any amount, showing the amount of work done and estimated expenditure for the respective project work. At the same time these forms are also required to be sent to MahaRERA in the prescribed quarter.
If the money has not been withdrawn, it is necessary to self-certify the details of how much money has been paid in the bank during this period and upload such a certificate on the website.
All these aspects are explained to the developers while registering their project with MahaRERA. This information is also clearly mentioned in the MahaRERA Project Registration Certificate issued to them.
Ajoy Mehta, Chairman of MahaRERA, said that MahaRERA is constantly striving to bring maximum transparency and accountability in this sector. For this, it is essential for Quarterly progress reports to be updated in time. He expressed relief in the response regarding the quarterly progress report of some projects reported to MahaRERA in February, March. However, he stressed that many projects still haven’t responded to notices and that MahaRERA is determined to take strict action against these projects.
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