MahaRERA cracks down on 8,212 projects for failing to update quarterly progress reports

Pune: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show-cause notices to 8,212 housing projects across the state for failing to upload mandatory quarterly progress reports (QPRs), officials said on Monday.Under the Real Estate (Regulation and Development) Act (RERA), 2016, developers of the 33,029 projects currently under construction in the state are required to register their projects and upload Forms 1, 2, and 3 on the MahaRERA website every three months. These disclosures are essential for transparency, detailing the number of units sold, funds received, construction expenditure, and any changes to the approved building plans.The deadline for the Jan–March 2025 quarter was April 20. However, 8,212 projects — nearly 25% of all active registrations — failed to comply. Taking serious note of this lapse, MahaRERA initiated action under Section 7 of the Act.MahaRERA chairman Manoj Saunik said that the regulator is committed to protecting the interests of homebuyers. "From project initiation to completion, all information available to the developer must also be accessible to the homebuyer. MahaRERA is closely monitoring the sector across various levels based on existing regulatory provisions," Saunik said.The developers have been given 60 days to respond and update the QPRs. If they fail to do so, MahaRERA may cancel or keep the project registration in abeyance, terming it a breach of homebuyers' rights and a sign of indifference towards purchasers.Further action may include freezing of the project's bank accounts, restrictions on advertising, marketing and sale of flats, and directions to the joint district registrar to halt registration of purchase and sale transactions in such projects. Violation attracts a penalty of Rs 50,000 towards facilitating property registration.Officials said that in addition to Sections 3, 4, 5 and 11 of the RERA Act, MahaRERA's order issued on July 5 , 2022, also mandates developers to update project details in a prescribed format in a time-bound manner on both a quarterly and annual basis. These disclosures include changes in approved building plans, latest project status, number of plots, flats and garages registered, and revenue received.Another key compliance relates to the MahaRERA registration number-linked dedicated bank account, where 70% of the booking amount collected from homebuyers must be deposited. Withdrawals are permitted only upon submission of certified Forms 1, 2 and 3 by the project's engineer, architect and chartered accountant, detailing construction progress and expenditure.In cases where no withdrawal is made in a particular financial quarter, developers are required to self-certify the amount deposited in the account and upload the certificate on the MahaRERA website."All these compliance requirements are clearly communicated at the time of project registration and are explicitly mentioned in the registration certificate issued to each project. Despite this, developers of 8,212 projects have failed to update QPRs on the MahaRERA portal," an official said.
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