Avoid Penalties Under RERA – Quarterly Compliance Guide
Posted: Mon Jan 06, 2025 6:25 am
The Real Estate (Regulation and Development) Act (RERA) has been a game-changer in bringing transparency and accountability to the real estate sector. However, with these regulations come mandatory compliances that developers and promoters must adhere to. One such crucial compliance is the timely filing of Quarterly Progress Reports (QPRs) under RERA.
Failing to meet these requirements, particularly under MahaRERA, can result in hefty penalties, including a fine of up to ₹50,000 for missing QPR deadlines. Here’s everything you need to know to stay compliant and avoid penalties.
Quarterly Compliances Under RERA – What Are They?
MahaRERA mandates quarterly updates on project progress philippines phone data to ensure transparency and protect homebuyers. Developers must file QPRs within seven days of the financial quarter’s end.
Key Due Dates for Filing QPRs
Essential Components of a Quarterly Progress Report (QPR)
Project Approvals: Updates on changes in building plan approvals.
Project Status: Physical and financial progress (with Forms 1, 2, 3).
Financial Disclosures: Submission of Form 5 within six month from the end of financial year.
Sales Updates: Status of booking for apartments, plots, and garages.
Professional Changes: Updates on changes in architects, engineers, or chartered accountants.
Encumbrances: Any changes in encumbrances or project details since registration.
Failing to meet these requirements, particularly under MahaRERA, can result in hefty penalties, including a fine of up to ₹50,000 for missing QPR deadlines. Here’s everything you need to know to stay compliant and avoid penalties.
Quarterly Compliances Under RERA – What Are They?
MahaRERA mandates quarterly updates on project progress philippines phone data to ensure transparency and protect homebuyers. Developers must file QPRs within seven days of the financial quarter’s end.
Key Due Dates for Filing QPRs
Essential Components of a Quarterly Progress Report (QPR)
Project Approvals: Updates on changes in building plan approvals.
Project Status: Physical and financial progress (with Forms 1, 2, 3).
Financial Disclosures: Submission of Form 5 within six month from the end of financial year.
Sales Updates: Status of booking for apartments, plots, and garages.
Professional Changes: Updates on changes in architects, engineers, or chartered accountants.
Encumbrances: Any changes in encumbrances or project details since registration.