India, Feb. 17 -- 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).

"Currently, information on 62% of housing projects has been updated, as compared to 0.02% back in January 2023, when MahaRERA began reviewing...