Hindustan Times-Good News for Homebuyers: MahaRERA reports a jump in developer compliance rate; project updates rise from 0.2% to 62%
In a positive development for homebuyers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that the compliance rate among real estate developers has risen from 0.02% in January 2023 to 62%. Strict enforcement measures, including freezing the bank accounts of non-compliant projects, establishing a Compliance Cell, and suspending the MahaRERA registration numbers of developers, have played a key role in this improvement, according to a statement issued on February 17.
MahaRERA explained that compliance is measured by submitting quarterly progress reports (QPR).
