Quaterly Compliances Under RERA

What are the compliances under RERA?

What are the compliances under RERA?

Promoters are compulsorily required to update their project quarterly. They should ensure Real Estate (Regulation and Development) Act 2016.

The Maharashtra Real Estate Authority (MahaRERA) vide its Order No. 18/2021 dated 28th July 2021 has made QUARTERLY UPDATES for each project COMPULSORY.

The Order further states that the non-compliance shall be strictly responded with PENAL ACTION.

It has further described in its order as follows:

MahaRERA shall implement “Financial Quarter Based Project Progress Reporting System” for all MahaRERA registered real estate projects. Promoters shall file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End (Due Dates will be every 7th day of July, October, January and April respectively). The first financial quarter based QPR will be due to be filled by 15th August, 2021 for all registered projects (for April May June Quarter) irrespective of the date of their last QPR filled.

QUARTER DUE DATES
Q1 (April, May, June) 7th of July
Q2 (July, Aug, Sept) 7th of October
Q3 (Oct, Nov, Dec) 7th of December
Q4 (Jan, Feb, March) 7th of April

FIRST COMPULSORY UPDATE FOR FIRST FINANCIAL QUARTER OF THE YEAR 2021-22 SHALL BE 15TH AUGUST 2021.

Promoter shall provide Quarterly updates on the following:

i. Increment Changes in various building plan approvals.

ii. Status of the Project: Physical and Financial Progress of the Project along with Form l, Form 2, Form 2A and Form 3 for the quarter’

iii. Form 5 shall be submitted in the concerned quarter i.e Quarter II.

iv. Form 4 to be uploaded, if applicable.

v. Present status of Booking of Plots/Apartments/Units

v. Present status of Booking of Plots/Apartments/Units

vi. Present status of Booking of Garages, Cover Parking.

vii. Changes in Project Professionals including Architect, Engineer, Chartered Accountant, Real Estate Agents and so on.

viii. Changes in Encumbrances Report.

ix. Status of Association of Allottees, if applicable.

x. Status of Conveyance, if applicable.

xi. Changes in any other detail of the project, as provided during Project Registration/Previous update.

IF NO UPDATION IS MADE WITHIN DUE DATE THEN

1. Web Generated Notice shall be issued immediately.

2. if no response is received within 10 days – Chief Planning Officer will call the promoter for hearing and penalty will be levied.

Note: “This document had been written to provide update in simple/ lucid language. The Author shall not be responsible for any decision made based on the content of this document. Care has been taken to produce authentic and reliable information, however the users are expected to obtain professional advice before implementing.
Author can be reached at

Mobile: 8898704682

Email: heena.bashmakh@gmail.com

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