As MahaRERA cracks whip, builders hurry to file progress studies

With the Maharashtra Actual Property Regulatory Authority cracking down on builders who fail to furnish their quarterly progress studies (QPRs) on time, compliance ranges have elevated remarkably within the state.

Of the 480 initiatives registered in April, 222 filed quarterly progress studies inside the prescribed time.

Within the occasion of non-compliance, MahaRERA places initiatives on maintain and freezes financial institution accounts. In line with the regulator, at present 546 initiatives have been held in abeyance for non-compliance and their financial institution accounts frozen.

The rules require builders to publish quarterly progress studies of initiatives on the MahaRERA web site.

“This helps homebuyers know the present and true standing of the undertaking,” mentioned Ajoy Mehta, chairman, MahaRERA.

He mentioned that the response from 46.25 per cent of initiatives in March was “definitely comforting”, in comparison with 0.02 per cent in January. However “MahaRERA goals for 100 per cent response and  insists on that”, he added.

Empowering homebuyers

Realizing the undertaking standing not solely offers consolation to owners, who make investments hard-earned cash or expensive loans in them, but in addition empowers them, he mentioned. Earlier, earlier than the arrival of RERA, owners had virtually little to no rights and builders had the higher hand.

Mehta, who has been on the helm of MahaRERA since 2021, has taken a tough line, telling builders to toe the road or face penalties.

The QPRs give homebuyers an concept in regards to the progress of the undertaking, together with particulars corresponding to what number of items have been offered, how a lot cash was collected, the expenditure incurred, and whether or not the expenditure was commensurate with the progress made.

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