MahaRERA website records surge in number of developers who post updates of their project information  

An officer said that MahaRERA took stringent measures, such as freezing of project-linked bank accounts and suspending MahaRERA registration numbers of builders who failed to update project details. These actions ensured that more developers complied with the regulations, making critical information accessible to homebuyers.

Currently, there are 18,012 active projects in Maharashtra, with 11,080 developers now regularly updating their QPRs.

Developers covered under the Real Estate (Regulation and Development) Act, 2016 — specifically sections 3,4, and 11, as well as Order 33/2022 — are mandated to submit QPRs every quarter. These reports must give details of construction progress and financial information. As per these provisions, the QPRs are to be updated every January 20, April 20, July 20, and October 20. These reports must include Forms 1 and 2 (detailing construction progress) and Form 3 (providing a financial breakdown of bookings, payments received, expenses incurred, and any project amendments).

To ensure strict implementation, MahaRERA introduced the ‘Financial Quarter-Based Project Progress Reporting System’ in January 2023 and established a Compliance Cell.

An official told The Indian Express that before the launch of the web portal, MahaRERA faced a shortage of manpower, making it difficult to scrutinize all developers manually.  He said that in 2023, MahaRERA decided to develop its web portal and establish a dedicated cell to ensure transparency.

“MahaRERA conducted seminars, and discussions, and took legal action against non-compliant developers by imposing penalties, suspending project registrations, halting the sale of flats, and freezing bank accounts. These efforts have collectively led to a 62 per cent compliance rate today,” he said.

According to Ranjit Naiknavare, president of Credai-Pune Metro, their body regularly educates, motivates, and train the members to adhere to the compliance norms about MahaRERA. “We have a dedicated RERA cell at our Credai office which offers help and handholds our members in filing the timely reports. This has greatly helped in maintaining a high number of compliant projects,” he said.

With more project details now available to homebuyers, the authority’s strict approach is proving to be highly effective in promoting transparency in the real estate sector.