Worli Q3 FY26 MahaRERA QPR Audit — Quarterly Progress Reports, Active Project Tracker (May 2026)

MahaRERA Section 11(1)(a) requires every registered project to upload a Quarterly Progress Report (QPR) within 15 days of the close of each quarter. The Q3 FY26 cycle — quarter ended 31 March 2026, reports due by 15 April 2026, with grace extending into early May — is now fully landed on the portal. Property Butler audited all 23 Worli projects with active RERA registrations whose handover dates fall in the next 36 months. The audit reads cleanly for some, less cleanly for others. Here are the numbers, the slippage patterns, and the buyer-side calls to make off the back of each.

Bottom line

Of 23 active Worli RERA projects audited: 14 filed on time and within their declared milestone window; 6 filed on time but with re-projected handover dates pushed by 3–9 months; 3 filed late or with incomplete escrow utilisation disclosures. Escrow account utilisation aggregate stood at 62% of total funds disbursed against 71% of declared construction milestones. That 9-point gap is normal-to-tight, not alarming — but it's worth knowing which projects sit inside the gap versus outside.

What a Quarterly Progress Report actually tells you

Most buyers think MahaRERA registration is a one-time event. It isn't. Every quarter, every promoter must upload: (a) construction progress photos and certifications, (b) percentage completion of each declared milestone (excavation, plinth, slabs, finishing, OC), (c) funds collected from allottees that quarter, (d) funds withdrawn from the 70% RERA-escrow that quarter and what they paid for, and (e) the engineer-architect milestone certificate justifying any withdrawal. The Quarterly Progress Report is therefore the single highest-fidelity public signal on whether a project is on track. Buyers who don't read them are flying blind.

The Q3 FY26 cycle is particularly important because the fiscal year close also forces an audited escrow reconciliation. Slippage that builders carried quietly through Q1 and Q2 has to surface in Q3 — or it lives on as a compounding red flag. Property Butler's audit isolated three categories worth knowing about.

Category 1: On schedule — 14 projects

Fourteen Worli projects filed Q3 FY26 QPRs that reconciled cleanly: construction percentage broadly matched milestone-claim percentage, escrow withdrawals were justified by engineer-architect certificates, no re-projection of handover dates, and the audit trail on funds disbursed lines up with photos uploaded. This cohort includes the bulk of the Tier-1 developer Worli book — the projects with internal balance-sheet liquidity and disciplined contractor management. Buyer signal: token amounts, lock in current pricing, continue construction-linked payment plans without anxiety.

Indicators of a clean QPR

Construction % within 5 points of milestone %
Escrow withdrawals each <= certified milestone tranche
No revised handover date; original commitment held
Photos uploaded show real progress quarter-on-quarter
CA-signed audit trail filed alongside the QPR

Category 2: On schedule but re-projected — 6 projects

Six projects filed clean financial disclosures but re-projected handover dates by 3–9 months. The most common reason cited is BMC plinth-approval lead time for revised tower height. These projects are not in distress — they are filing transparently, which RERA actually rewards. But for a buyer with a defined possession-window need (school admission cycle, NRI relocation, capital deployment deadline), a 6-month re-projection materially shifts pre-EMI carry costs.

Property Butler's buyer call on this cohort: if you tokened against the original handover date, you have RERA Section 18(1) recourse — the right to either continue with interest compensation, or exit with full refund + interest. Most buyers don't know the second option exists until possession actually slips. Filing for compensation against the original promised date strengthens negotiating position for any future delay too.

Category 3: Late or incomplete QPR — 3 projects

Buyer-side alert

Three Worli projects either filed Q3 FY26 QPR after 15 April 2026 (technically a Section 11 violation), or filed on time but with missing engineer-architect milestone certificates, or with escrow withdrawal disclosures that don't reconcile to declared milestone percentage. A delayed or incomplete QPR is a leading indicator — not a guarantee — of impending Section 7 deregistration risk if the pattern repeats over Q4 and Q1.

Without naming specific projects in a public audit (Property Butler's diligence platform shares names confidentially with retainer clients), the pattern across all three is similar: smaller promoter, single-tower project, balance sheet thinly capitalised, contractor on payment dispute. The MahaRERA portal allows any citizen to file a Section 7 complaint requesting deregistration after two consecutive missed QPR cycles — if Q4 FY26 also slips, that clock starts.

Buyer call: do not token. If already tokened, escalate in writing to the promoter asking for a copy of the Q3 QPR plus the missing engineer-architect certificate. The mere act of asking, with a paper trail, hardens your future Section 18 recourse position.

Aggregate audit dashboard

Metric	Q3 FY26 (Worli aggregate)	Q2 FY26 comparison
Active projects audited	23	21
Filed on time	20 (87%)	19 (90%)
Clean reconciliation	14 (61%)	13 (62%)
Re-projected handover	6 projects (avg slip 5.4 months)	5 projects (avg slip 4.2 months)
Aggregate escrow utilisation	62%	57%
Aggregate milestone completion	71%	64%

The 9-point gap between milestone claim (71%) and escrow utilisation (62%) is healthy. It implies builders are completing more physical work than they're drawing money against — which is the right direction for the gap to lean. If escrow utilisation outran milestone completion (i.e. money out faster than work done), that would be the red signal. The Q2-to-Q3 trend also improved: escrow utilisation grew 5 points while milestone completion grew 7 points. Modestly bullish.

How to read your project's QPR yourself

The MahaRERA portal at maharera.maharashtra.gov.in lets any visitor pull QPRs for any registered project, free, with no login. Steps:

Search the project by name or MahaRERA P-number. The P-number is on every promotional material, signed allotment letter, and registered agreement. Insist on it from the promoter.
Open the project's registration page. Scroll to the 'Quarterly Progress Reports' tab.
Download the most recent QPR. It will be a PDF with: construction progress %, milestone completion %, funds disbursed, escrow withdrawals, photos, and the engineer-architect certificate.
Compare against the project's declared milestone schedule. Available under the 'Project Details' tab. If milestone claim % < declared schedule %, the project is behind. If the gap is > 10 points, that's a flag.
Cross-check escrow withdrawals against engineer-architect milestone certificate. Each withdrawal should be tied to a specific certified milestone tranche. Withdrawals without matching certificates are violations of MahaRERA Section 4(2)(l)(D).

Frequently Asked Questions

What is a Quarterly Progress Report (QPR) under MahaRERA?

A QPR is the mandatory quarterly disclosure under MahaRERA Section 11(1)(a). Every registered project promoter must upload, within 15 days of quarter close, the project's construction percentage, milestone completion percentage, funds collected from buyers, escrow withdrawals, engineer-architect milestone certificate, and construction-progress photos. It is the single highest-fidelity public document for tracking project health.

What happens if a Worli builder doesn't file QPR on time?

A delayed QPR is a Section 11 violation, attracting a per-day penalty. Repeated non-filing across two or more cycles triggers Section 7 deregistration risk — any citizen or allottee can file a complaint requesting RERA to deregister the project. Deregistration is rare but the threat materially shifts buyer leverage. If your project's promoter has missed Q3 FY26, ask in writing for the filing and the reason for the delay — preserve the paper trail.

Can I exit a Worli project if QPR shows the handover date has slipped?

Yes — under MahaRERA Section 18(1), if a project's declared handover date is breached or revised beyond the registered window, every allottee has two options: (a) continue and claim interest compensation at SBI MCLR + 2% per annum from the original promised date until actual handover, or (b) exit with full refund + interest. The right is statutory; you don't need to renegotiate it. Property Butler's brokerage desk recommends invoking it in writing the day the slip becomes visible in the QPR.

Is a 6-month handover slip in Worli normal?

For Worli supertalls (50+ floors), a 4–6 month slip across the construction cycle is statistically normal — BMC plinth approvals, fire-NOC revisions, and façade-glass procurement for these towers carry chronic 3–5 month delays. The slip becomes abnormal when (a) it compounds quarter on quarter, (b) the project re-projects handover more than twice, or (c) escrow utilisation outpaces milestone completion. Single slips in disciplined Tier-1 projects rarely indicate distress.

Should I avoid all 'Category 3' Worli projects entirely?

Not necessarily — but the buyer-side diligence bar is materially higher. Insist on: (a) latest QPR plus the missing engineer-architect certificate, (b) a written statement from the promoter on the Q4 FY26 escrow utilisation plan, (c) the contractor's payment status from the project's CA, and (d) a defined possession milestone with Section 18 carve-outs in the registered agreement. If the promoter resists any of these, walk. Property Butler's retainer clients receive the named project list under NDA.