Gujarat RERA Revamps Quarterly Progress Report Rules to Boost Transparency and Compliance
The Gujarat Real Estate Regulatory Authority is set to introduce new rules for quarterly progress report submissions, aiming to enhance transparency and compliance among developers.
Gujarat ReraQuarterly Progress ReportReal Estate Regulatory AuthorityTransparencyComplianceReal EstateSep 24, 2024
This move is expected to encourage timely submission and boost compliance among developers, ensuring smooth operations and transparency for homebuyers. Currently, developers are required to submit QPRs within seven days of the quarter's end. Failure to do so results in the quarter getting locked on the portal, disabling any new submissions until a processing fee of INR 10,000 is paid for a month's extension.
However, many developers fail to submit QPRs despite the extension, resulting in penalties. The updated rules aim to simplify the submission process by removing the need for chartered accountant and engineer certifications. This will save developers' time and streamline the process.
Non-compliance will still be subject to penalty, and developers will be required to pay a lump sum amount and late processing fees for previous unfiled QPRs. The GuJIRA's decision to revise the rules is a significant step towards enhancing transparency and compliance in the real estate sector.
The new rules are expected to benefit homebuyers by providing them with timely and accurate information about project progress. This, in turn, will help build trust and confidence in the market. The GuJIRA's efforts to streamline the QPR submission process and impose penalties for non-compliance are likely to have a positive impact on the real estate sector in Gujarat.
The Gujarat Real Estate Regulatory Authority (GuJIRA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. Its primary objective is to regulate and promote the real estate sector in Gujarat, ensuring transparency, accountability, and fairness in all transactions.
In conclusion, the GuJIRA's revised rules for QPR submissions mark a significant step towards enhancing transparency and compliance in the real estate sector. The new rules are expected to benefit both developers and homebuyers, promoting a more efficient and accountable market.
Frequently Asked Questions
What is the current rule for submitting Quarterly Progress Reports (QPRs) in Gujarat?
Developers are required to submit QPRs within seven days of the quarter's end.
What happens if a developer fails to submit a QPR on time?
The quarter gets locked on the portal, disabling any new submissions until a processing fee of INR 10,000 is paid for a month's extension.
What is the proposed penalty for delayed QPR submissions under the new rules?
Developers will face daily penalties ranging from INR 400 to INR 1,000, depending on the property size, for late submissions.
Will the new rules simplify the QPR submission process?
Yes, the updated rules will remove the need for chartered accountant and engineer certifications, streamlining the process and saving developers' time.
Will developers still be required to pay penalties for past non-compliance?
Yes, developers will be required to pay a lump sum amount and late processing fees for previous unfiled QPRs.
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