With the Maharashtra Real Estate Regulatory Authority cracking down on developers who fail to furnish their quarterly progress reports (QPRs) on time, compliance levels have increased remarkably in the state.
Of the 480 projects registered in April, 222 filed quarterly progress reports within the prescribed time.
In the event of non-compliance, MahaRERA puts projects on hold and freezes bank accounts. According to the regulator, currently 546 projects have been held in abeyance for non-compliance and their bank accounts frozen.
The regulations require developers to post quarterly progress reports of projects on the MahaRERA website.
“This helps homebuyers know the current and true status of the project,” said Ajoy Mehta, chairman, MahaRERA.
He said that the response from 46.25 per cent of projects in March was “certainly comforting”, compared to 0.02 per cent in January. But “MahaRERA aims for 100 per cent response and insists on that”, he added.
Knowing the project status not only provides comfort to homeowners, who invest hard-earned money or costly loans in them, but also empowers them, he said. Earlier, before the advent of RERA, homeowners had practically little to no rights and developers had the upper hand.
Mehta, who has been at the helm of MahaRERA since 2021, has taken a hard line, telling developers to toe the line or face consequences.
The QPRs give homebuyers an idea about the progress of the project, including details such as how many units have been sold, how much money was collected, the expenditure incurred, and whether the expenditure was commensurate with the progress made.