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Real Estate Regulatory Authority- Quarterly Update for Registered Projects

Whereas, as per provisions of Section 1l ofthe Real Estate (Regulation and Development) Act, 2016
read with Rule 20 of Maharashtra Real Estate (Regulation and Development) (Registration of real
estate projects, Registration of real estate agents, rates of interest and disclosures on website) Rules,
2017, every promoter is required to update the details oitheir registered projects on quarterly basis Accordingly, MahaRERA had made available online facility to Promoters, for providing quarterly updates of their registered projects. However, there is a need for more systematic and methodical ‘ process olquarterly updates. Therefore, the following orders are being passed with immediate effect:

  • MahaRERA shall implement “Financial Quarter Based Project Progress Reporting System”
    for all MahaRERA registered real estate projects. Promoters shall file Quarterly Progress
    Reports (QPR) as per Financial Quarters within 7 days of the Quarter End ( Due Dates will be
    every 7th day ofJuly, October, January and April respectively).
  • The first financial quarter based QPR will be due to be filled by l5th August, 2021 for all
    registered projects (for April May June Quarter) irrespective of the date of their last QPR
    filled
  •  Promoter shall provide Quarterly updates on the following:
1. Increment Changes in various building plan approvals.
2. Status ofthe Project: Physical and Financial Progress ofthe Project along with Forml, Form 2, Form 2A and Form 3 for the quarter’
3. Form 5 shall be submitted in the concemed quarter i.e Quarter II.
4. Form 4 to be uploaded, if applicable.
5. Present status ofBooking of Plots/Apartments/Units
6. Present status ofBooking ofGarages, Cover Parking.
7. Changes in Project Professionals including Architect, Engineer, Chattered Accountant, Real Estate  Agents and so on.
8. Changes in Encumbrances Report
9. Status of Association of Allottees, if applicable 
10. Status of Conveyance, ifapplicable
11. Changes in any other detail of the project, as provided during Project Registration / Previous update
 
  • Stringent action will be taken against promoters for not filing the Quarterly Progress Reports
    as follows:
1.  On missing the Quarterly Progress Report Submission Deadlines, a web generated notice shall be immediately sent to the promoter for compliance within l0 days.Further, on the MahaRERA webportal, it shall be made available for public view, the details ol non-compliance by the promoters.

2. On failure of compliance by the Promoter within 15 days, Chief Planning Officer,
MahaRERA shall call the promoter for hearing, to understand the reason for non
compliance and on basis of merit, put the case lo Authority for determining penal
action to be undertaken

3. The promoter shall be restricted from availing any other service from MahaRERA including Project Extension, Correction etc. till the quarterly update has been filed

 

 
 
 
 
 
 
 
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