The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a fresh circular wherein now real estate developers are supposed to file quarterly report of its ongoing projects. The update will include all information such as home sales and construction work completed so far. Interestingly the regulatory authority has made an online provision for submission of the quarterly updates of their registered projects. However, there is a need for more systematic and methodical process of quarterly updates it mentioned in the circular.
The notification further reads that MahaRERA has implemented "Financial Quarter Based Project Progress Reporting System" for all registered real estate projects. Developers will now file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End ( Due Dates will be every 7th day of July, October, January and April respectively).
Interestingly, the first financial quarter based QPR will be due to be filled by August 15th for all registered projects (for April May June Quarter) irrespective of the date of their last QPR filled.
The quarterly updates of the projects will be on the following points -- Changes in various building plan approvals. Status of the Project: Physical and Financial Progress of the Project, Present status of Booking of Plots/Apartments/Units, Changes in Project Professionals including Architect, Engineer, Chattered Accountant, Real Estate Agents and so on, Changes in Encumbrances Report, Status of Association of Allottees, if applicable, Status of Conveyance, if applicable, Changes in any other detail of the project, as provided during Project Registration/Previous update.
Meanwhile, the MahaRERA has clarified that stringent action will be taken against developers for not filing the Quarterly Progress Reports.
"On missing the Quarterly Progress Report Submission Deadlines, a web generated notice shall be immediately sent to the promoter for compliance within 10 days.
Further, on the MahaRERA web portal, it shall be made available for public view, the details of non-compliance by the promoters. "On failure of compliance by the Promoter within 15 days, Chief Planning Officer, MahaRERA shall call the promoter for hearing, to understand the reason for non-compliance and on basis of merit, put the case to Authority for determining penal action to be undertaken," it reads.
The developer shall also be restricted from availing any other service from MahaRERA including Project Extension, Correction etc. till the quarterly update has been filed.
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