MAHARASHTRA REAL ESTATE REGULATORY AUTHORITY
Date : 28/07/2021
Order No: – 18 /2021
No. MahaRERA / Secy / File No.27/148 /2021
Subject: Quarterly Update for Registered Projects
Whereas, as per provisions of Section 11 of the 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 of their 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 of quarterly 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 of July, October, January and April respectively).
- The first financial quarter based QPR will be due to be filled by 15th 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:
- Increment Changes in various building plan approvals.
- Status of the Project: Physical and Financial Progress of the Project along with Form 1, Form 2, Form 2A and Form 3 for the quarter.
- Form 5 shall be submitted in the concerned quarter i.e Quarter II.
- Form 4 to be uploaded, if applicable.
- Present status of Booking of Plots/Apartments/Units
- Present status of Booking of Garages, Cover Parking.
- Changes in Project Professionals including Architect, Engineer, Chartered Accountant, Real Estate Agents and so on.
- Changes in Encumbrances Report
- Status of Association of A llottees, if applicable
- Status of Conveyance, if applicable
- 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:
- On missing the Quarterly Progress Report Submission Deadlines, a web generated notice shall be immediately sent to the promoter for compliance within 10 days. Further, on the MahaRERA webportal, it shall be made available for public view, the details of non-compliance by the promoters.
- 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 noncompliance and on basis of merit. put the case to Authority for determining penal action to be undertaken.
- The promoter shall be restricted from availing, any other service from MahaRERA including Project Extension, Correction etc. till the quarterly update has been filed.
As approved by Authority
(Dr. Vasant Prabhu)