Haryana’s real estate regulatory authority has asked real estate developers to file Quarterly Progress Reports (QPR) and Annual Audit Reports (AAR) without delay to avoid penalties, freezing of RERA accounts and attachment of their properties.
The RERA rules mandate that real estate developers of an ongoing realty project have to file the quarterly progress report on the portal of the regulatory authority. It helps the investors or the homebuyers to get regular updates online. The rules require the report be filed within 15 days after the quarter ends.
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“If a developer fails to submit these reports on time, “RERA Gurugram shall be compelled to take drastic action against such promoters. This may entail levying of penalties, freezing of their RERA accounts, attachment of their properties etc”, the Gurugram division of HRERA said in a statement.
According to the statement, the number of compliant promoters is reasonably high and such builders deliver projects on time or with some delays. Another category of promoters comprise mostly pre-RERA projects, that have obtained occupation certificates, handed over possession and executed the conveyance deed.
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“However, those promoters, who have delayed or defaulted, and are either struggling or are not intending to complete the projects, are the ones who are not filing the QPR and the AAR,” said Arun Kumar, chairman, RERA Gurugram.
Kumar, who joined RERA Gurugram two months ago, also inspected all the stuck projects recently.