Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has flagged concerns regarding 212 housing projects spread across the state. These projects were launched between January and April 2023; however, the developers have not provided any construction status updates to the MahaRERA as mandated by the regulator.
MahaRERA began implementing the financial Quarterly Progress Reports (QPR) system in January 2023. The QPRs are uploaded by respective developers on the MahaRERA website in order to make details of the project available to the homebuyers.
As per regulations, developers must submit Quarterly Progress Reports (QPR) on the authority's website after registering a project with MahaRERA. As per Section 11 of Regulation Rules 3, 4 and 5 of the Real Estate (Regulation and Development) Act along with Section 3 and 4 of Order No 33/2022 dated July 5, 2022, developers are legally required to submit prescribed forms quarterly/annually detailing construction progress, expenses etc. This close monitoring helps identify issues and ensures homebuyers have access to current project details.
Of the 212 non-compliant projects, 60 were registered in January, 58 in February, 40 in March, and 56 in April 2023.
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.
The lack of compliance by these 212 developers suggests they are not taking the projects and rules seriously. This negligence in fulfilling compliance and commitments towards homebuyers poses a significant risk.
To warn homebuyers and save them from risking their life long savings, MahaRERA has published a district-wise list of these problematic projects on its website. Pune has the highest number at 47 projects. Nashik and Palghar follow with 23 projects each. Thane has 19 projects while Raigad has 17.
As per statistics, the Mumbai Metropolitan Region (MMR) and Konkan area have the most projects at 76. Pune is next with 64 projects. North Maharashtra has 31 projects, Vidarbha has 21 projects, and Marathwada has 20 projects.
Of the 2,369 projects registered between January-April 2023, 886 had not filed QPRs. Notices were issued under Section 7, providing them with a 30 days window for rectification. Section 7 allows the regulator to suspend the project and freeze the project's bank account, banning all transactions. Later, penalty was levied on 672 projects, 244 of whom failed to update Quarterly Progress Reports despite payment of penalties.
MahaRERA is taking further action to obtain updates from these projects. Due to their indifferent approach, MahaRERA has now made their names public so as to caution homebuyers and safeguard their interests. Close monitoring through regular updates is crucial to ensure projects are completed as promised and buyers' hard-earned money is not put at risk of being stranded in problematic ventures.
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!
