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Real Estate: MahaRERA Urges Discipline in Quarterly Progress Reports for Homebuyer Empowerment, Penalizes Offending Builders

Mumbai, 26th February 2024: The Maharashtra Real Estate Regulatory Authority (MahaRERA) is getting tough on developers who aren’t following the rules, and it’s starting to work. People involved in building houses are now giving updates on how their projects are going. But still, there are many developers who aren’t doing what they’re supposed to by telling us about their progress.

You can find out a lot about different projects through these updates called Quarterly Progress Reports (QPR). MahaRERA started a system where developers have to report on how things are going every three months, starting from January 2023. If they don’t do it, MahaRERA won’t let them register new projects. This made some developers take things seriously, and more of them are sending in their reports each month. But there are still a lot of developers who don’t send in their reports even after getting in trouble.

Ajoy Mehta, who leads MahaRERA, said they won’t stand for developers ignoring the rules and not caring about the people who want to buy homes. They’ll keep making the rules stricter if they have to.

More developers are now sending in their reports without being told, thanks to MahaRERA taking strong action against those who break the rules, starting from January 2023. In June, out of 633 projects, 333 projects, which is more than half, sent in all the needed forms on time. That’s a big improvement compared to January 2023 when only 2 out of 746 projects did it right.

However, there’s still a problem with many developers not sending in their reports. Out of 886 developers, 234 haven’t sent in their reports even after paying fines. And 323 developers didn’t respond even after getting notices from MahaRERA. Altogether, there are 557 developers who aren’t following the rules, which is nearly 63%.

It’s hard to understand why some developers still don’t send in their reports even after paying fines. MahaRERA will keep pushing for all developers to follow the rules, including sending in reports regularly. According to the Real Estate Act, developers have to send in reports every three months or every year, as per the rules of MahaRERA. This helps people who want to buy homes know what’s going on with the projects they’re interested in.

To make sure everyone follows these rules, MahaRERA started checking reports every three months starting from January 2023. They’re taking strong action against developers who don’t follow the rules, like stopping their projects, freezing their bank accounts, and stopping them from selling flats.

Here’s a summary of how many projects sent in their reports without being told:

– In February, 131 out of 700 projects did it.

– In March, 150 out of 443 projects did it.

– In April, 222 out of 480 projects did it.

– In May, 190 out of 383 projects did it.

– In June, 333 out of 633 projects did it, which is the highest percentage so far.

Disclaimer: The information provided by A2 Digital is for general informational purposes only.

Source: PunekarNews

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