Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Quarterly Progress Report (QPR) of projects has been updated on the website of Maharashtra Real Estate Regulatory Authority (MahaRERA). Out of 633 projects reported in the month of June, 333 projects i.e. 52.6% projects updated all the required forms and submitted them to MahaRERA prior to the due date. In January 2023, this ratio was just 2 out of 746, i.e. 0.03%. MahaRERA sees this rise in compliance as a direct effect of the strict action such as suspension of projects by serving notices against those who do not submit quarterly reports to MahaRERA.
However, there continues to be a sizable section of developers who are not adhering to the compliances by submitting their housing project's QPR. There are 234 out of 886 developers who have not submitted the QPR despite paying the requisite penalty. Whereas, those who have not responded despite serving them with notices and initiating action stands at 323. Both categories put together, the number of non-responders stands at 557, which is 62.86%.
The indifference of those not updating the QPRs despite paying the penalty amount is concerning for the MahaRERA as it continues to press for due diligence and compliances that every developer has to adhere to, including periodical submission of the required forms.
The update of forms in the month of June has received better response as compared to earlier months. Only 2 out of 746 projects (0.02%) in January, 131 out of 700 projects (19%) in February and 150 out of 443 projects (34%) in March had updated progress reports without any notice. It jumped to 222 out of 480 projects (46.3%) in April and 190 out of 383 projects (49.6%) in May. Now, it is for the first time that more than 50% of the projects updated the QPR without notice.
MahaRERA has made seven categories under which all the updates regarding their ongoing registered projects are required to be provided by the developer. In addition to Rules 3, 4 and 5 of Section 11 of the RERA Act, Section 3 and Section 4 of 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. This helps in providing the latest status of project's construction, cost and so on, and also points out errors in time. This enables the home buyers to conveniently access all the official information about any project they have invested in or want to invest in.
MahaRERA began implementing the financial quarter-based project progress reporting (QPR) system in January 2023. 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 Forms 1, 2 and 3, containing information about current construction status, financial information about bookings and fund collection every quarter on the MahaRERA website.
Since last year, MahaRERA has initiated strict action such as suspension of projects, freezing of bank accounts, restrictions on sale of flats as well as project's marketing, etc. against those not complying with the mandatory periodical requirements.
While there has been a positive outcome because of this, what is also concerning for the MahaRERA is the number of developers who continue to not share quarterly updates even after being fined. Ajoy Mehta, Chairman, MahaRERA, said that “the number of those who actually do not submit the forms and still do not respond despite paying the penalty is still significant. This is a serious matter. MahaRERA will not tolerate this indifference and irresponsibility towards customers under any circumstances. MahaRERA will take increasingly stringent measures to enforce exchange provisions.”
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
