HRERA instructed defaulting developers on Reports

HRERA Directives Regarding Project Reports

On Sunday, the Haryana Real Estate Regulatory Authority (RERA) in Gurugram directed defaulting promoters with outstanding projects to submit a quarterly progress report (QPR) and annual audit report (AAR) as soon as possible to avoid disciplinary action.

Guidelines for Promoters

The authority said that if guidelines were not followed, action would be taken against builders who failed to submit these reports on a regular basis. HRERA chairman Arun Kumar convened a meeting of the builders and instructed them to submit reports and follow RERA withdrawal guidelines.

Consequences of Non-Compliance

Kumar said that if persuasion fails, RERA Gurugram would be obligated to take action against such promoters . "This may include levying fines, blocking their RERA accounts, attaching their property, and so on. We ask real estate promoters to follow the rules and fulfill their legal duties," he added. According to HRERA Gurugram, real estate promoters must file QPR and AARs under the RERA Act 2016 to guarantee efficient and transparent project construction and money utilization for improved real estate sector regulation. The authority said that the majority of developers had failed to submit reports as required by law, and this would not be permitted any longer.

Importance of QPR

"QPR tells us about the status of the project and therefore, can act as a warning, which if attended to, can avoid undesirable outcomes," pointed out Kumar. He also remarked that promoters who had delayed or defaulted on projects, were either struggling or did not plan to finish them, were the ones who did not file the reports and would face consequences for such infractions.

Recent Actions

HRERA Gurugram has lately taken action against developers whose projects are stalled, notably those in the economic category.