MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers of 8,212 housing projects due to their failure to submit mandatory quarterly progress reports (QPRs) by the deadline. This move aims to enhance compliance oversight in the state’s real estate sector.
Among these, 4,644 projects are located in the Mumbai Metropolitan Region, with 1,465 in Thane and 1,263 in Mumbai Suburban.
Of the total 33,029 registered housing projects across Maharashtra, these developers missed the April 20 deadline to update their January-March quarter disclosures on MahaRERA’s portal, as mandated by the Real Estate (Regulation and Development) Act, 2016. The regulator has issued show-cause notices to all non-compliant entities under Section 7 of the Act.
Developers have a grace period of 60 days to respond and complete the necessary filings. Non-compliance could lead to serious repercussions, including suspension or cancellation of project registrations, freezing of bank accounts, and restrictions on advertising and marketing. The Joint District Registrar may also be instructed to suspend any sale and purchase transactions related to these projects.
“If any developer fails to update their quarterly progress report despite multiple reminders, MahaRERA will not shy away from cancelling or temporarily suspending the project’s registration. MahaRERA believes such situations should be avoided entirely,” stated Manoj Saunik, Chairman of MahaRERA.
The QPRs serve as a crucial transparency mechanism under RERA, providing essential updates for both potential and current homebuyers. Developers must deliver detailed information on construction progress, registered units and garages, funds collected, expenses incurred, and changes to approved plans through Forms 1, 2, and 3. These reports require certification by the project’s engineer, architect, and chartered accountant.
Additionally, the compliance framework mandates that 70% of funds raised from homebuyers be deposited in a dedicated project bank account, with withdrawals based on certified construction progress. Even in quarters with no withdrawals, developers must disclose fund inflows and submit a self-certified statement on the MahaRERA portal.
Pune leads the list of defaulting projects with 1,957, while the Mumbai Metropolitan Region (MMR), including the Konkan belt, has 4,644 projects at risk. Other regions have 451 projects in Nashik (Khandesh), 391 in Nagpur (Vidarbha), and 185 in Chhatrapati Sambhaji Nagar (Marathwada).
In line with the 2022 order, MahaRERA also emphasizes timely quarterly and annual disclosures in a specified format, which include updates on project status, approvals, sales inventory, and financial developments — all critical for safeguarding homebuyer interests.
Despite clearly outlined compliance requirements, over 8,000 projects neglected to meet the recent deadline, necessitating regulatory action. MahaRERA’s measures reflect a strict stance on non-compliance, aiming to foster transparency and accountability in the real estate sector.
