Mumbai News: Developers Respond To MahaRERA's Vigil; 18% Rise Seen In QPR Submission To Regulatory Body

Mumbai: There has been a remarkable improvement in the compliance of rules and submission of Quarterly Project Reports (QPRs) by builders and developers after Maharashtra Real Estate Regulatory Authority (MahaRERA) started strict monitoring and initiated action against the defaulters, a statement issued by the regulatory body said.

Steady Rise In Submission Of QPRs

In January, only 0.2% of the 746 cases registered with MahaRERA complied and submitted their QPRs. The regulatory body issued notices and initiated action against those who had failed to comply. Thereafter, in February, there was improvement in the number of developers who started falling in line. Nearly 18% of the 700 cases registered submitted their QPRs. In March, of the 443 registered cases (nearly 34%) complied with the regulation without any notices being issued to them.

Suspension Notices Issued To Non-Compliant Projects

MahaRERA has now issued suspension notices to 239 and 224 projects that failed to submit their QPRs in February and March, respectively. According to Ajoy Mehta, chairman MahaRERA, the regulatory body is trying to protect and safeguard the interests of buyers and customers. “We want full transparency and accountability and, therefore, we are strictly monitoring the QPRs of the cases registered with us. We want compliance to increase voluntarily without MahaRERA having to issue notices to defaulters,” he said.