Gurgaon: The Haryana Real Estate Regulatory Authority (H-Rera) in the city has directed defaulter promoters to file quarterly progress reports (QPR) and annual audit reports (AAR) without further delay to avoid penal action.
Earlier this week, the authority had initiated a drive by calling such promoters and asking them to comply with the regulations.
H-Rera chief Arun Kumar said in case persuasion fails to work, the authority will be compelled to take drastic action against such promoters. “This may entail levying penalties, freezing of their Rera accounts, attachment of their properties etc.,” he said.
“The authority has appealed to all its promoters to abide by stipulations and discharge their legal obligations. Filing of QPR and AAR by real estate promoters is a mandatory requirement under Rera Act 2016 to ensure efficient and transparent progress of construction of projects and utilisation of funds for better regulations of real estate sector. However, in practice, most Reras in the country are struggling to ensure that it is filed by all concerned on time,” he said.
Another official said, “QPR tells about the status of the project and therefore, can act as a warning, which if attended to, can avoid undesirable outcomes.”
In a statement, the authority said the good news is that the number of compliant promoters is reasonably high and they deliver projects on time or with marginal delays. Another category of promoters comprises mostly pre-Rera projects, which have obtained OC, handed over possession and executed the conveyance deed. They also do not generate great concern.
“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,” Kumar said.
On Feb 14, Kumar inspected all stuck projects, which involve thousands of innocent homebuyers, who are waiting hopelessly for completion of the projects and handover of their dream homes.
Earlier this week, the authority had initiated a drive by calling such promoters and asking them to comply with the regulations.
H-Rera chief Arun Kumar said in case persuasion fails to work, the authority will be compelled to take drastic action against such promoters. “This may entail levying penalties, freezing of their Rera accounts, attachment of their properties etc.,” he said.
“The authority has appealed to all its promoters to abide by stipulations and discharge their legal obligations. Filing of QPR and AAR by real estate promoters is a mandatory requirement under Rera Act 2016 to ensure efficient and transparent progress of construction of projects and utilisation of funds for better regulations of real estate sector. However, in practice, most Reras in the country are struggling to ensure that it is filed by all concerned on time,” he said.
Another official said, “QPR tells about the status of the project and therefore, can act as a warning, which if attended to, can avoid undesirable outcomes.”
In a statement, the authority said the good news is that the number of compliant promoters is reasonably high and they deliver projects on time or with marginal delays. Another category of promoters comprises mostly pre-Rera projects, which have obtained OC, handed over possession and executed the conveyance deed. They also do not generate great concern.
“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,” Kumar said.
On Feb 14, Kumar inspected all stuck projects, which involve thousands of innocent homebuyers, who are waiting hopelessly for completion of the projects and handover of their dream homes.
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