Introduction
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported a dramatic improvement in developer compliance, with project updates soaring from a mere 0.2% to 62%. This marks a significant step towards greater transparency and accountability in Maharashtra’s real estate sector. In this blog, MahaRERA real estate development and updates.
Table of Contents
- MahaRERA’s Strict Measures Drive Developer Compliance to 62%
- MahaRERA Reports and Project Updates
- Real Estate Developers Legally Required to File Quarterly Project Reports
- MahaRERA’s Crackdown Boosts Project Compliance to 62%
- MahaRERA: Project Registrations and Complaint Statistics
- Frequently Asked Questions
MahaRERA’s Strict Measures Drive Developer Compliance to 62%
In a significant boost for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported a sharp rise in developer compliance rates, increasing from 0.02% in January 2023 to 62%.
This improvement is attributed to strict enforcement actions. Including freezing bank accounts of non-compliant projects, establishing a Compliance Cell, and suspending the MahaRERA registration numbers of defaulting developers. These measures, announced in a statement on February 17, have been instrumental in ensuring greater accountability in Maharashtra’s real estate sector.
MahaRERA Reports and Project Updates
MahaRERA announced that 62% of housing projects have updated their information, a significant rise from just 0.02% in January 2023, when the regulatory body began reviewing these projects.
“There are 18,012 active projects in Maharashtra, out of which 11,080 regularly update their Quarterly Progress Reports (QPRs). This means that 62% of housing projects now ensure their information is up to date on MahaRERA’s website. Back in January 2023, when the Compliance Cell was established, only two out of 748 projects (0.02%) were compliant in updating their QPRs,” MahaRERA stated.
The regulator also highlighted that the availability of updated project information on its website has played a key role in reducing and controlling the number of complaints filed by homebuyers.
Real Estate Developers Legally Required to File Quarterly Project Reports
According to MahaRERA, real estate developers are legally obligated to submit Quarterly Project Reports (QPRs) as outlined in Sections 3, 4, and 11 of the RERA Act of 2016. Additionally, MahaRERA clarified developers’ responsibilities regarding QPR submissions in July 2022.
“As per these provisions, developers must update their QPRs on MahaRERA’s portal on January 20, April 20, July 20, and October 20 each year. These reports must include construction progress, financial details, such as the number of flats and parking slots booked, payments received. Expenditure incurred, and any amendments to the project’s plan,” MahaRERA stated.
MahaRERA’s Crackdown Boosts Project Compliance to 62%
In January 2023, MahaRERA launched the Financial Quarter-Based Project Progress Reporting System by establishing a dedicated Compliance Cell to improve transparency and accountability in the real estate sector.
Through this initiative, MahaRERA implemented several measures, including seminars, discussions, and strict legal actions against non-compliant developers. These enforcement actions included penalties, suspension of MahaRERA registration numbers, restrictions on flat sales, and freezing of bank accounts. As a result, 62% of housing projects now submit quarterly updates.
MahaRERA has repeatedly stressed that delays or negligence in updating reports will not be tolerated. With the increase in updated project information, the regulator’s firm stance is already showing positive results in improving compliance.
MahaRERA: Project Registrations and Complaint Statistics
Since its inception in May 2017, MahaRERA has registered 48,937 real estate projects across Maharashtra. As per data available on the MahaRERA portal, developers of over 15,000 projects have declared their units as completed.
Meanwhile, MahaRERA has received over 28,000 complaints related to real estate projects in the state. So far, the authority has issued rulings on more than 20,000 cases, leaving over 8,000 complaints still pending resolution.
Conclusion
MahaRERA proactive measures have significantly improved developer compliance and project transparency in Maharashtra’s real estate sector. The sharp increase in quarterly project updates from 0.02% to 62%. Along with strict enforcement actions like freezing bank accounts and suspending registrations. Has created a more accountable ecosystem for homebuyers.
More Information
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Frequently Asked Questions
Q. Are real estate developers legally required to update project reports?
A. Yes, as per Sections 3, 4, and 11 of the Real Estate (Regulation and Development) Act of 2016. The developers must update Quarterly Project Reports (QPRs) on the MahaRERA portal every January 20, April 20, July 20, and October 20.
Q. What happens if a developer fails to update project details?
A. MahaRERA takes strict actions against non-compliant developers. Including penalties, suspension of registration numbers, freezing of bank accounts, and restrictions on flat sales.
Q. How many real estate projects are registered under MahaRERA?
A. As of now, 48,937 projects have been registered in Maharashtra under MahaRERA.
Q. How many complaints have been filed against real estate projects?
A. MahaRERA has received over 28,000 complaints, with more than 20,000 cases resolved so far.
Q. How does MahaRERA’s Compliance Cell help in monitoring projects?
A. The Compliance Cell, established in January 2023, enforces regulations through seminars, discussions, legal actions. The monitoring of QPR submissions to ensure developers comply with reporting norms.
Q. Where can homebuyers check project updates and file complaints?
A. Homebuyers can visit the official MahaRERA website to check project updates and file complaints against non-compliant developers.
