Following stringent action initiated by Maharashtra Real Estate Regulatory Authority (MahaRERA) against defaulters, nearly 46 per cent projects registered with the body in April 2023 have now updated their Quarterly Progress Reports (QPRs) well before the due date.
A press note issued by MahaRERA on Tuesday said that there has been a “remarkable increase in the number of projects that are now complying with mandatory requirements even before any notices are served on them”.
Of the 480 projects registered in April 2023, 222 (46.25%) have filed their QPRs within the stipulated time frame.
It may be recalled that in January 2023, of the 746 projects registered only two (0,02%) had complied with the regulation.
Similarly in February 2023, of the 700 registered projects, 131 (19%) had updated their QPRs and in March 150 out of 400 (34%) projects had done so.
Significance of QPRs
According to Ajoy Mehta, Chairman, MahaRERA, “The 46.25% response of projects in March as compared to only 0.02% in January is encouraging and very comforting. Quarterly Progress Reports (QPRs) of housing projects are mandatory and promoters of these projects must update them on the website regularly. These quarterly reports enable home buyers to know the exact current status of the project.”
He, however, maintained that even though there is remarkable improvement in the number of people updating their quarterly project proformas, MahaRERA is working towards ensuring that there is 100% compliance. “That is our goal and target”, he maintained.
The updating of QPRs enables the homebuyers to track the progress of a Project such as how many units have been sold, how much money was collected, the expenditure incurred on the project and whether the expenditure was commensurate with the progress.
Suspension of projects
In the interest of home buyers, MahaRERA has started taking strict action against projects not complying with the requirements. Initially a total of 741 projects were held in abeyance till date (Jan, Feb and March). But after MahaRERA’s action including suspension of projects, the impact was obvious: 195 out of 741 fell in line and complied with the regulation. Thereafter, the regulatory body issued them withdrawal orders.
Currently 546 projects are still held in abeyance and their bank accounts have been frozen, the press note said.
