MahaRERA directs realtors to update projects progress in time bound manner

The Maharashtra Real Estate Regulatory Authority (MahaRERA) directed real estate developers to file updates about their ongoing projects every quarterly, half yearly and on an annual basis. As part of this decision, the regulator is planning to implement the ‘Financial Quarter Based Project Progress Reporting System’ for all real estate projects registered across the state.

The move is aimed at bringing in more transparency and providing maximum information on public platforms. The regulator has issued a notification with regards to the standard operating procedure (SOP) that developers are expected to follow to maintain transparency.

“Under the ‘Financial Quarter-Based Project Progress Reporting System’, promoters of the project will be expected to file Quarterly Progress Reports (QPR) as per financial quarters within 20 days of the end of the quarter with the dues dates as 20th of July, October, January and April, respectively,” MahaRERA said in a notification.

MahaRERA has made seven categories under which all the updates regarding their ongoing registered projects are required to be provided by the developer.

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