Bhubaneswar: Odisha Real Estate Regulatory Authority (ORERA) has asked all promoters to mandatorily submit the quarterly progress reports (QPR) and annual audit certificates, even if they receive the RERA registration in the middle of the year. ORERA issued the direction after noticing that several promoters were not submitting the two reports, which apprise buyers of the latest status of projects.
“It came to the notice of the authority that a few promoters, who were allowed registration of their projects a few days before completion of the quarter, did not submit the QPR, presumably due to non-completion of the whole quarter,” the ORERA order read. “Likewise, the annual audit certificates are not being furnished by some of the promoters if registration was not granted to their projects in the middle of the year or just a few days before the completion of the year. Therefore, the authority would like to make it clear that all the promoters who were granted registration for their projects in the middle of the quarter or financial year are duty-bound under the statute to submit both the reports for, however, limited period it qualifies for completion of the quarter or financial year,” the order further stated.
“QPR and the annual audit reports allow the buyers to know details of the project. The information helps protect the buyers and also ensures the project’s timely handover,” real estate expert Bimalendu Pradhan said.
ORERA has further revised the proforma of the QPR and asked the promoters to submit the report in the revised format only. In the revised format, ORERA has asked the builders to fill in more details about the projects for the information of buyers.
As per the revised format, the builders will have to specify the number of residential units, commercial units or plots that need to be developed, the status of their booking in the previous quarter and the status of their booking after the quarter.
The builder will also have to specify the details of the facilities provided in the project, such as a community hall, lift, sewerage treatment plant, transformer, interior roads, connecting roads, firefighting equipment, drinking water supply and fire safety certificates.