The Maharashtra Real Estate Regulatory Authority (MahaRERA’s) increased crackdown on developers not updating the Quarterly Progress Report (QPR) have heighted the compliance level in the state.
Owing to the strict action taken by the regulatory body, of the 480 projects that were MahaRERA registered in April 2023, 222 (46.25%) have filed their Quarterly Progress Reports (QPRs) within the deadline. Presently, over 546 projects have not complied with the MahaRERA order. As per the MahaRERA notification, all projects who do not adhere to the order will be penalised with their bank accounts frozen. Currently, bank accounts of the 546 projects mentioned above are frozen.
See also: How to check QPR on RERA website?
MahaRERA started taking stringent actions against errant developers in the interest of home buyers. As per the MahaRERA regulations, developers have to post quarterly progress report of the projects that is RERA registered on the MahaRERA website.
QPRs give homebuyers clarity on the project’s progress including units sold, money collected, money spent, progress in construction etc.
| If you have any questions or views on our article, we would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
