Only 40 projects out of 363 comply, 141 likely to face MahaRERA heat

222 project did respond but 182 of them did not provide Quarterly Progress Reports (QPRs) for all three quarters

Mumbai: 141 ongoing housing projects whose registration has been kept in abeyance for non-compliance are likely to deregistered after they failed to respond to MahaRERA notices warning them to update their Quarterly Progress Reports (QPRs) by November 10 or face deregistration.

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The housing regulator had served notices to 363 such projects which did not comply with updating their QPRs on their registration pages on MahaRERA portal. 222 of these projects did respond to the notices but only 40 of them were found to have provided the required information on related to bookings and financial information.

“Other projects did not provide adequate information necessary from the point of view of consumers who require the information to make an informed choice before investing in property. Out of 222, 182 projects were expected to provide QPRs for three quarters which they have not. They have been asked to furnish the relevant information. Till they do, their registration will remain suspended and their bank accounts frozen,” said a senior MahaRERA official. The registration offices have also been directed not to register agreement for sale of any sales in these projects till they comply.

MahaRERA had in January 2023 adopted a Financial Quarter Based Progress Reporting System requiring all ongoing projects to provide real time information on exact number of bookings, construction progress, sales information etc required in Forms 1, 2, and 3.

“RERA provisions make it mandatory for promoters to update Forms 1 to 3 every quarter and Form 5 annually to strengthen the hands of the consumer. Promoters are informed about these provisions when they were allocated registration numbers. Considering that they were not providing the relevant information, MahaRERA had also served notices to 19,000 projects registered since May 2017. From January 2023, we created an independent monitoring system for the Financial Quarter Based Project Progress Reporting. Despite providing ample opportunities for compliance, if promoters are not complying, MahaRERA is firm on its position that this will no longer be tolerated. This is essential for securing consumer investments in the housing development sector,” said MahaRERA chairperson Ajoy Mehta in an official statement.