Homebuyers Rejoice as MahaRERA’s Crackdown on Non-Compliance Yields Results: Developer Compliance Rate Soars to 62%
Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported a dramatic increase in developer compliance rates, with 62% of housing projects now regularly updating their progress reports. This marks a massive leap from a mere 0.02% compliance rate in January 2023.
The surge in compliance comes after MahaRERA implemented stringent measures to ensure developers adhere to regulations. These measures include freezing bank accounts of non-compliant projects, suspending MahaRERA registration numbers, and establishing a dedicated Compliance Cell. The regulator also introduced a Financial Quarter-Based Project Progress Reporting System, mandating developers to submit detailed quarterly progress reports (QPRs) by specific deadlines each year.
According to MahaRERA, out of 18,012 active projects in Maharashtra, 11,080 are now regularly updating their QPRs. This transparency has not only improved trust among homebuyers but also significantly reduced the number of complaints filed against developers.
Strict Enforcement Drives Change
MahaRERA’s proactive approach has been pivotal in driving this change. The Compliance Cell has organized seminars, levied penalties, and taken legal action against developers failing to meet deadlines. Developers are now required to provide detailed updates on construction progress, financial breakdowns, and any changes to project plans.
“Negligence or delays in updating quarterly reports will not be tolerated,” MahaRERA emphasized in a recent statement. The regulator’s efforts have already shown positive results, with updated information on its website helping homebuyers make informed decisions.
A Win for Homebuyers
Since its inception in May 2017, MahaRERA has registered 48,937 real estate projects across Maharashtra. While over 15,000 projects have been declared complete, the regulator has received more than 28,000 complaints. However, with 62% of projects now compliant, the number of grievances is expected to decline further.
For homebuyers, this development is a breath of fresh air. With more developers adhering to transparency norms, the real estate market in Maharashtra is becoming more reliable and accountable.
