Maharashtra: 62% Of Developers Update Project Details To Improve MahaRERA Compliance

In a significant development, an increasing number of real estate developers in Maharashtra are regularly updating project details by filing the Quarterly Progress Report (QPR) with the Maharashtra Real Estate Regulatory Authority (MahaRERA). As of now, 62% of housing projects have complied with this requirement, a substantial jump from a mere 0.02% in January 2023, when MahaRERA began reviewing project compliance.

The availability of updated information on MahaRERA’s website has played a key role in reducing complaints from homebuyers, ensuring greater transparency in the real estate sector. This improvement is largely attributed to MahaRERA’s persistent follow-ups and strict enforcement measures against non-compliant developers. Actions such as freezing bank accounts linked to projects and suspending MahaRERA registration numbers have effectively pressured builders into adhering to regulations.

At present, Maharashtra has 18,012 active housing projects, of which 11,080 are regularly updating their QPRs. This marks a significant transformation from January 2023, when only two out of 748 projects (0.02%) were compliant. The Compliance Cell, established that year, has been instrumental in driving this change through awareness programs, discussions, and legal actions, including penalties and restrictions on flat sales for non-compliant developers.

Under the Real Estate (Regulation and Development) Act, 2016, specifically Sections 3, 4, and 11, developers are obligated to update their QPRs every quarter—on January 20, April 20, July 20, and October 20. Additionally, Order 33/2022, issued on July 5, 2022, further defines their responsibilities.

The reports must include key financial and construction details such as Forms 1 and 2, which outline construction progress, and Form 3, which provides financial data, including the number of flats and parking slots booked, payments received, and expenditure incurred.

To ensure strict implementation of these regulations, MahaRERA launched the Financial Quarter-Based Project Progress Reporting System in January 2023. The Compliance Cell has since taken decisive steps, including hosting seminars and discussions, as well as imposing penalties on defaulters. These efforts have yielded positive results, with 62% of developers now complying with the reporting requirement.

MahaRERA has reiterated its stance that any negligence or delay in updating quarterly reports will not be tolerated. The success of the initiative is already evident, as the increased availability of up-to-date project information benefits homebuyers and promotes greater accountability within the real estate sector.