The Maharashtra Real Estate Regulatory Authority (MahaRERA) has said that around 75 to 80 percent of ongoing registered projects in Maharashtra do not regularly upload quarterly progress reports on the project status and finances. Owing to this, the complete data pertaining to a particular project was unavailable in the public domain on the MahaRERA website. The above was shared by Sanjay Deshmukh, Nodal Officer for MahaRERA's lapsed project vertical.
Deshmukh said that in the last two months MahaRERA had issued notices to developers regarding 19,000-plus real estate projects that do not comply with this requirement. According to MahaRERA data, over 21,500 projects are underway currently and close to 40,000 have been registered in the last six years.
Deshmukh said, "As per the RERA Act, a developer is supposed to submit quarterly and annual reports. However, for about 75-80 percent of the ongoing projects, quarterly reports were not uploaded. We have issued notices and developers have begun the compliance process."
