According to the mandatory provision, the promoter have to upload updates on the RERA website for the project at the end of each quarter on apartments/flats, status update of each building.
A senior official at RERA said, “After issuing the notices, the developers will be given time to submit their reply in October. Registration will be cancelled if the reply is dissatisfactory.” The move to upload reports online help buyers to assess the properties, the progress of the projects, evaluation of the company’s financial status and legal aspects.
After the enactment and implementation of the Real Estate (Regulation and Development) Act, 2016, a total of 1,800 projects have been registered under RERA across the state.
The officer said, “For consumer protection, the regulatory body had made quarterly reports online to ensure transparency in the system. The prospective buyer can take take a comparative decision on buying a property after analyzing quarterly report of projects.”
Other details including information on approvals, bank account details, revision in plans, licence issues, permits or approvals for the projects also have to be displayed in the public forum.
A RERA official said, “Penalty will be imposed if developers failed to adhere to the norms of uploading the quarterly report. However, during Covid, the authorities have provided relaxation and decided not to take any action on the defaulters. Now, the authority will issue notices again.”