In a significant move to enhance transparency and accountability in the real estate sector, the Real Estate Regulatory Authority (RERA) of Gurugram has ramped up its efforts to monitor the progress of real estate projects. The authority will now deploy dedicated teams to project sites to verify the actual progress on the ground, ensuring that the construction and financial reports submitted by promoters align with the reality.
Major Improvement in Quarterly Progress Report (QPR) Compliance
RERA Gurugram has already made impressive strides in improving the submission of Quarterly Progress Reports (QPRs) by real estate promoters. During a recent meeting, RERA Gurugram Chairman Arun Kumar highlighted that QPR compliance had jumped from a mere 35% to an outstanding 91%. This sharp rise was attributed to the continuous efforts of the RERA team to enforce transparency and ensure that developers meet their obligations under the law.
Despite the improvements, RERA believes that further oversight is necessary to verify the authenticity of the QPRs. As a result, the authority has introduced a new measure: dispatching its own team to project sites to assess the actual construction progress and expenditure. This verification will compare the on-ground situation with the progress reported in the QPRs.
Ensuring Timely Completion of Projects
This new initiative aims to ensure the timely completion of real estate projects, which has often been a point of concern for homebuyers. When a promoter applies for RERA registration, they provide an affidavit that includes a timeline for project completion and a financial breakdown. With the introduction of on-site verification, RERA Gurugram aims to match the actual progress with the details in these affidavits, holding promoters accountable.
Chairman Arun Kumar stated that the authority’s shift toward a more qualitative approach would bolster the effectiveness of RERA in safeguarding consumer interests. The focus is now on enhancing the accuracy of the information presented in the QPRs, thereby reducing delays and ensuring better project outcomes.
Legal Framework for Compliance
Under Section 11 of the Real Estate (Regulation and Development) Act, 2016, real estate promoters are required to file quarterly updates on their projects. This includes the current status of construction and other important financial details. The regulations mandate promoters to submit these reports to RERA, allowing the authority to track the progress of projects more effectively.
Earlier this year, RERA Gurugram launched a drive to bring defaulter promoters into compliance with the law. Promoters who failed to file the required reports were called upon to meet their regulatory obligations or face legal action.
Conclusion
RERA Gurugram’s new initiative to verify real estate project progress with dedicated teams is a commendable step toward increased transparency and accountability in the sector. This measure not only ensures that projects are completed on time but also builds trust among homebuyers who rely on the authority for oversight. With QPR compliance now at 91%, this additional layer of verification promises to further enhance the real estate regulatory framework in Gurugram.