However, it was not clear when or whether it would be tabled before the state legislature, the sources added.
The report by the two-member commission of inquiry, comprising retired Justice J.A. Patil and former state chief secretary P. Subrahmanyam, will give its final findings on two critical issues of the 13 it is probing.
The two issues are the ownership of the plot of land in Colaba allotted to Adarsh and whether it was meant for housing war heroes and Kargil widows.
This follows a plea by the state government late February seeking clarifications on these two vital points.
The commission had directed all parties concerned - the ministries of defence, environment and forests, state government, Mumbai Metropolitan Region Development Authority and the Adarsh society members - to complete their arguments by mid-March.
The state government had claimed ownership of the land, which it says was reclaimed in the 1970s.
Disputing the claim, the defence ministry contended that the plot allotted to Adarsh had been in its possession for four decades.
It is alleged that apartments in the society were allotted to top officials and relatives of politicians.