Gujarat Real Estate Regulatory will soon alter the rule related to quarterly progress report submission for real estate projects. The new updated rule will include a penalty between INR 400 to INR 1000 per day, depending on the size of the project. The previous mechanism where if a developer fails to submit QPR, the project quarter automatically gets locked will be discontinued. This will encourage timely submissions by developers and guarantee transparency to homebuyers. A source told the media, the authority is planning to enhance the rules for easy navigation of developers.
Gujarat Real Estate Regulatory is planning to alter the rules surrounding quarterly progress report submission for real estate projects, a media reported last week The updated rules will include halt on automatic locking of project quarter if the QPR is delayed and instead impose daily penalty. This move by GujIRA, according to the media, is to encourage timely submission. Furthermore, it will also boost compliance among developers which will ensure smooth operations and transparency to homebuyers.
As per the current rules, developers are expected to submit QPR within seven days of the quarter end. If the developer fails to do so, the quarter gets locked on the portal, disabling any new submission until a processing fee of INR 10,000 is paid for a month extension.
A source told the media that despite a one month extension, many developers fail to submit the QPR and have to pay a penalty. He added despite frequent mails sent to developers, they do not submit the details which disable the buyers to check the quarterly progress report. Once the quarter gets locked, unlocking it takes time, which further delays subsequent quarters, the source noted.
He explained that the updated rules will impose a penalty of INR 400 to INR 1,000 each day. This penalty amount will be depended on the property size, for delayed QPR submission. He highlighted that now the process to submit QPR will be relatively easy and there will no longer be a requirement of chartered accountant and engineer certification. The process will also be streamlined to save developer's time. However, he added that non-compliance will be subject to penalty. Considering the previous unfiled QPR, developers will have to pay a lump sum amount and late processing fees.
In conclusion, The Gujarat Real Estate Regulatory Authority (GuJIRA) is set to revise its rules for quarterly progress report (QPR) submissions, shifting away from automatic project locking due to delays. Instead, developers will face daily penalties ranging from INR 400 to INR 1,000 based on property size for late submissions. This initiative is designed to improve compliance, streamline the submission process by removing the need for chartered accountant and engineer certifications, and enhance transparency for homebuyers. However, developers must still address penalties for past non-compliance.
Advertisement
Facebook
Whatsapp
