A total of 568 registered projects in the state have come under MahaRERA radar for not updating the project reports during the first two quarters of last year.These reports are mandatory for helping homebuyers make informed choices while making bookings in housing projects.
Officials from Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday told that 568 projects registered in the first two quarters of last year are yet to update their reports. Of these, 303 projects are under the radar for unpaid penalty, while 265 have paid penalty, but not updated their quarterly project reports.
MahaRERA chairman Ajoy Mehta said that while there has been a slight progress, there are still many builders who do not adhere to orders and the authority has initiated suspension of their projects as well as levied penalty for delay. More stringent measures would be taken if the developers do not follow the orders, he warned.
“In order to closely and effectively monitor these regulatory provisions, MahaRERA has implemented a financial quarter-based project progress reporting system for projects registered from January 23. MahaRERA has also suspended direct registration of projects that have failed to submit quarterly forms. The number of those not submitting reports and not responding after paying penalty is still significant.
MahaRERA will not tolerate this indifference towards customers,” he told Of the 633 projects in June, 333, i.e. 52.6%, updated all the required forms and submitted them to MahaRERA prior to the due date. In January 2023, this ratio was just 2 out of 746, i.e. 0.03%. It has been observed that there is an increasing trend among developers voluntarily updating quarterly project reports (QPRs).
This has happened due to MahaRERA initiating strict action against law violators, officials added. “The indifference of those not updating the QPRs despite paying a penalty is incomprehensible and unsatisfactory. The MahaRERA will continue to press for due diligence and compliance that every developer has to adhere to, including periodical submission of required forms,” said MahaRERA officials.
“We have already informed our members to update the QPR as required by the authority as it will not only help homebuyers but also bring about transparency in the system,” said Sunil Furde, vice-president, CREDAI National.
