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Journalism of Courage
Developers in Maharashtra are increasingly updating their housing project details by regularly submitting Quarterly Progress Reports (QPR), according to the Maharashtra Real Estate Regulatory Authority (MahaRERA). As of now, 62% of housing projects have updated their information, a significant increase from just 0.02% in January 2023 when MahaRERA began reviewing project details. This boost in QPR submissions has led to a significant reduction in complaints from homebuyers.
The rise in compliance is attributed to MahaRERA’s rigorous efforts, including constant follow-ups and strict actions against developers who failed to respond to communications. These measures have included freezing bank accounts linked to non-compliant projects and suspending MahaRERA registration numbers, as per the MahaRERA officials.
Currently, there are 18,012 active housing projects in Maharashtra, with 11,080 (62%) regularly updating their QPRs on MahaRERA’s website. MahaRERA’s Compliance Cell, established in January 2023, has played a critical role in driving this improvement by organising seminars, taking legal actions, imposing penalties, suspending sales and freezing bank accounts for non-compliant projects.
When the Compliance Cell was set up, only 2 out of 748 projects (0.02%) were adhering to QPR requirements, said the MahaRERA official. These reports, which must be updated quarterly, include details about construction progress and financial data, ensuring transparency and protecting homebuyers’ interests. The proactive measures taken by MahaRERA are now helping developers meet their obligations and create a more transparent housing market, the official added.
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