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GujRERA has introduced the Gujarat Real Estate Regulatory Authority (General) (Amendment) Regulation, 2024, effective January 1, 2025, to simplify project progress reporting for real estate developers. The amendment replaces previous complex certification requirements with a new Form 8, allowing developers to submit quarterly progress reports (QPPR) directly. Developers must now provide detailed project information, including estimated costs, completion timelines, and development photographs. While reporting has been simplified, certifications remain mandatory for fund withdrawals. The regulation aims to reduce administrative burdens, minimize manual errors, and enhance transparency in the real estate sector. GujRERA will also permit developers to submit past due reports by paying a late fee.
The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a significant amendment to its regulatory framework, the Gujarat Real Estate Regulatory Authority (General) (Amendment) Regulation, 2024, designed to simplify project progress reporting for real estate developers. Set to take effect from January 1, 2025, these changes aim to streamline compliance and enhance project monitoring processes. Advertisement
Developers faced challenges previously in obtaining quarterly progress report (QPPR) certifications from chartered accountants, architects, and engineers. The scarcity of consultants and the associated costs created additional burdens for developers. Responding to these concerns, GujRERA has decided to modify the existing regulations, allowing developers to submit their own progress reports more easily. The amendment introduces a new Form 8, which replaces the previous Forms 1, 2, and 3 used for updating project progress on the GujRERA portal. This new form provides a comprehensive framework for tracking project developments, encompassing physical, financial, and key development aspects for both individual blocks and common areas.
Developers will now be required to provide detailed information, including estimated project costs, completion timelines, and progress reports accompanied by photographs of internal and external development works. While the reporting process has been simplified, developers will still need to submit necessary certifications when withdrawing funds from their RERA bank account. Experts highlight that the amendment emphasizes technical integration, which is expected to reduce manual errors and ensure greater consistency in project reporting. Additionally, GujRERA is offering relief to developers who have previously failed to submit progress reports, allowing them to do so by paying a late fee.
This regulatory change represents a significant step towards creating a more flexible and developer-friendly reporting mechanism in the real estate sector. By reducing administrative burdens and simplifying the compliance process, GujRERA aims to promote more efficient project monitoring and transparency in real estate developments across Gujarat.
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