Summary
- MahaRERA has launched a compliance drive, issuing over 9,177 show-cause notices to housing projects for failing to submit accurate Quarterly Progress Reports (QPRs).
- Developers face severe penalties under Section 4(2)(l)(D) of the RERA Act, including project registration suspension and bank account freezes, due to difficulties in reconciling financial records.
- The article advocates for an automated compliance framework to replace manual reconciliations, enhancing accuracy and regulatory adherence.
- This shift to technology-driven audits could be crucial for developers looking to avoid regulatory action and ensure robust compliance moving forward.
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