“MahaRERA Warns Deregistration of 141 Housing Projects Over Non-Compliance”
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to 363 housing projects, warning of possible deregistration for non-compliance with updating Quarterly Progress Reports (QPRs). While 222 projects responded, only 40 provided the required information. A total of 141 ongoing projects now face deregistration if they fail to update QPRs by November 10. MahaRERA aims to enforce transparency and strengthen consumer protection in the housing sector, emphasizing the importance of providing real-time project information for potential buyers.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to take action against 141 ongoing housing projects for non-compliance with updating Quarterly Progress Reports (QPRs). These projects, whose registrations have been kept in abeyance, now face potential deregistration after they failed to respond to MahaRERA’s notices, warning them to update their QPRs by November 10.
MahaRERA had issued notices to a total of 363 projects that had not updated their QPRs on the MahaRERA portal, where they registered. Out of these, 222 projects responded to the notices, but only 40 of them provided the required information related to bookings and financial details. The remaining projects did not furnish adequate information, which is essential for consumers making informed decisions before investing in property.
The 182 projects out of the 222 that responded were expected to provide QPRs for all three quarters, which they failed to do. Consequently, their registrations will remain suspended, and their bank accounts frozen until they comply. The registration offices have also been instructed not to register agreements for the sale of any units in these projects until they meet the required criteria.
MahaRERA implemented a Financial Quarter-Based Progress Reporting System in January 2023, mandating all ongoing projects to provide real-time information about the number of bookings, construction progress, sales information, and more through Forms 1, 2, and 3. These provisions are crucial for consumer protection and transparency in the real estate sector.
MahaRERA Chairperson Ajoy Mehta emphasized that the regulator had provided ample opportunities for compliance and awareness about the reporting requirements. Still, non-compliant promoters will no longer be tolerated, as securing consumer investments in the housing development sector remains a top priority. The move aims to reinforce the principles of the Real Estate (Regulation and Development) Act (RERA) and enhance consumer trust in the industry.
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