The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday suspended the registration of 248 real estate projects for not complying with submission of quarterly progress reports (QPRs). The projects were among 700 registered with the regulator in February 2023. MahaRERA also sent notices under Section 7 of Real Estate (Regulation and Development) Act to 224 out 443 projects registered with it in March 2023, asking them to comply within 30 days or face action.
Projects registered in February and March were directed to file their progress reports by July 20, and October 20 respectively. The real estate regulator began implementing the financial quarter-based project progress reporting system in January this year. Under this system, romoters are required to upload three forms containing information about current construction status, financial information about bookings and fund collection every quarter.
https://www.hindustantimes.com/cities/mumbai-news/maharera-freezes-accounts-of-248-projects-for-noncompliance-101700506580695.html
Source: Hindustan Times
