Gurugram Developers Cautioned By Haryana RERA: Time's Ticking For Progress Reports Or Penalties Await

Under the RERA Act of 2016, real estate developers are required to file quarterly progress reports (QPR) and annual audit reports (AARs). The regulation aims to guarantee the effective and transparent advancement of project construction and funding utilization.

Real estate developments that are delayed affect both owners and investors. Therefore, in order to prevent fines, the freezing of RERA accounts, and the seizure of their properties, real estate developers are required by the real estate regulatory authority of Haryana to file their Quarterly Progress Reports (QPR) and Annual Audit Reports (AAR) as soon as possible. Real estate developers involved in an ongoing real estate project are required by the RERA regulations to submit a quarterly progress report on the regulatory authority's website. Getting regular updates online is beneficial for both homebuyers and investors. The report must be filed, according the regulations, no later than 15 days following the end of the quarter.

Real estate developers that have not filed the QPR and the AAR are those who have defaulted, delayed, or do not intend to finish their projects, according to Haryana RERA. Additionally, "RERA Gurugram shall be compelled to take drastic action against such promoters if a developer fails to submit these reports on time." This might involve attaching their homes, blocking their RERA accounts, and levying penalties, according to a statement from HRERA's Gurugram branch.

Developers that neglect to turn in these reports on time risk severe action from RERA Gurugram against their promoters. This might involve attaching their homes, blocking their RERA accounts, and levying penalties, according to a statement from HRERA's Gurugram branch.

The statement claims that there are a fair number of compliance promoters and that these builders either complete projects on schedule or slightly behind schedule. Pre-RERA projects that have completed the transfer deed, received occupation certificates, and given over ownership make up the majority of another category of promoters.

The statement claims that there are a fair number of compliance promoters and that these builders either complete projects on schedule or slightly behind schedule. Pre-RERA projects that have completed the transfer deed, received occupation certificates, and given over ownership make up the majority of another category of promoters. Recently, HRERA Gurugram took action against developers who had unfinished projects, especially those that fall within the inexpensive range.

Consequences of non-compliance

The Haryana Real Estate Regulatory Authority (HRERA) takes stern action against developers who fail to file QPRs and AARs on time. This can include:

• Penalties: Developers can be slapped with hefty fines for non-compliance, serving as a deterrent against future delays.
• Account freeze: HRERA has the authority to freeze a developer's RERA account, potentially hindering their ability to access funds for ongoing projects.
• Property attachment: In extreme cases, HRERA can even attach a developer's property, further pressuring them to comply with regulations and protect investor interests.

Why QPRs and AARs are crucial ?

Delayed real estate projects pose a significant challenge, leaving investors and property owners in a state of uncertainty and financial strain. To address this concern, RERA mandates developers to file QPRs within 15 days of each quarter's end. These reports serve as a vital tool for investors and homebuyers, providing:

• Regular updates: They offer a transparent window into the project's progress, allowing investors to track construction milestones and assess whether the project adheres to the planned timeline.
• Enhanced decision-making: By accessing information about project development, investors can make informed choices regarding their investments and potentially mitigate future risks. Furthermore, AARs, filed annually, provide a detailed financial snapshot of the project. This includes:
• Financial health: It outlines the project's income, expenditure, and overall financial health, fostering transparency in the utilization of funds collected from investors.
• Increased accountability: AARs hold developers accountable for responsible financial management, minimizing the risk of misuse of funds and potential project delays.

By understanding the significance of QPRs and AARs, investors and homebuyers can actively participate in a more transparent and accountable real estate ecosystem. Choosing RERA-approved projects, like the ones offered by Absolute Real Estate, further empowers clients to make informed decisions and safeguard their investments. We firmly believe in upholding RERA regulations and ensuring our clients benefit from project transparency throughout the development process.