Now every quarter a homebuyer can know what his developer is doing, yes the developer will have to update every quarter the details of the project including.
By Varun Singh
Now every homebuyer can know the status of his home where it has reached and how much it is constructed.
Developers have to upload the information every quarter. The builder will have to update all information including home sales and work done.
A new circular was issued by MahaRERA in regards to this.
MahaRERA made available online facility to Promoters, for providing quarterly updates of their registered projects. However, there is a need for more systematic and methodical process of quarterly updates.
MahaRERA has implemented “Financial Quarter Based Project Progress Reporting System” for all MahaRERA registered real estate projects. Promoters will now file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End ( Due Dates will be every 7th day of July, October, January and April respectively).
The first financial quarter based QPR will be due to be filled by 15th August, 2021 for all registered projects (for April May June Quarter) irrespective of the date of their last QPR filled.
Promoter shall provide Quarterly updates on the following:
o Increment Changes in various building plan approvals.
o Status of the Project: Physical and Financial Progress of the Project along with Form l, Form 2, Form 2A and Form 3 for the quarter’
o Form 5 shall be submitted in the concerned quarter i.e Quarter II.
o Form 4 to be uploaded, if applicable.
o Present status of Booking of Plots/Apartments/Units
o Present status of Booking of Garages, Cover Parking.
o Changes in Project Professionals including Architect, Engineer, Chattered Accountant, Real Estate Agents and so on.
o Changes in Encumbrances Report
o Status of Association of Allottees, if applicable
o Status of Conveyance, if applicable
o Changes in any other detail of the project, as provided during Project Registration/Previous update.
Stringent action will be taken against promoters for not filing the Quarterly Progress Reports.
o On missing the Quarterly Progress Report Submission Deadlines, a web generated notice shall be immediately sent to the promoter for compliance within l0 days. Further, on the MahaRERA web portal, it shall be made available for public view, the details of non-compliance by the promoters.
o On failure of compliance by the Promoter within 15 days, Chief Planning Officer, MahaRERA shall call the promoter for hearing, to understand the reason for noncompliance and on basis of merit, put the case to Authority for determining penal action to be undertaken.
o The promoter shall be restricted from availing any other service from MahaRERA including Project Extension, Correction etc. till the quarterly update has been filed.
Adv Sunil Kewalramani said, “This is more systematic and methodical process for the quarterly updates of real estate projects. Prior to this order, there was no systematic process set by MahaRERA for the quarterly updates and therefore some developers were taking advantage of this and were not updating the details. Due to this developers now will do the quarterly updates as they will have apprehension that MahaRERA will take stringent action against them.”