Strict action taken by MahaRERA against the Promoters who are not updating QPRs (Quarterly Progress Reports) and their webpage has shown encouraging results as there is remarkable increase in the number of Projects who are complying with the mandatory requirements even before any notice is served on.
222 Projects (46.25%) out of 480 Projects registered in the month of April 2023 have filed the QPRs within time limit. It would be noteworthy to observe that only 2 out of 746 Projects (0.02%) registered in January 2023, 131 out of 700 Projects (19%) registered in February and 150 out of 440 Projects (34%) registered in March had updated QPRs before issuing any notice.
The updating of QPRs enables the homebuyers to know progress of the Project such as how many units are sold, how much money was collected and the expenditure incurred and to understand whether the expenditure incurred is commensurate with the physical progress.
In view of this, MahaRERA has started taking stringent actions against Projects and Total 741 projects are held in abeyance till date (jan, Feb and March) 195 out of 741 further complied and withdrawal orders issued. Currently 546 projects are hold in abeyance and their Bank Accounts have been freezed.
MahaRERA, Chairman Ajoy Mehta, said, “As per the regulatory provisions Quarterly Progress Report (QPR) of housing projects is mandatory to be submitted to MahaRERA and updated on the website. This helps the homebuyers to know the current and true status of the project. The 46.25% response of projects in March compared to January’s 0.02% percentage is certainly comforting. But MahaRERA aims for 100% response and insists on that.”
