Haryana RERA Mandates to Submit Annual Reports

03 Dec 2024 CW Team

The Haryana Real Estate Regulatory Authority (HRera) has issued a stern directive requiring real estate promoters to submit annual reports for their under-construction projects within 30 days. This action follows widespread non-compliance by promoters, raising concerns about transparency and accountability in the real estate sector.

During a recent review meeting, HRera observed that numerous promoters had failed to file these mandatory reports despite repeated reminders. In response, the authority is now issuing show-cause notices to defaulters, demanding adherence within the specified timeframe. It has warned that non-compliance will result in significant financial penalties.

The regulator underscored that failure to file annual reports constitutes a serious breach of the Real Estate (Regulation and Development) Act, 2016 (Rera Act). Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of Rs 5 lakh. Additionally, an incremental penalty of ?10,000 per day will be imposed for continued non-compliance beyond 60 days.

Under Section 4(2)(l)(d) of the Rera Act, promoters are required to have their project accounts audited by a certified chartered accountant within six months of the financial year’s end. The audit must confirm that funds collected for a project are utilised solely for its intended purpose and that withdrawals are proportionate to the project's completion status.

HRera further cautioned that providing false information or violating Section 4 provisions could lead to penalties of up to 5% of the project's estimated cost under Section 60 of the Act. This emphasises the necessity of upholding financial integrity in project execution.

The regulator reiterated that these measures are designed to foster greater transparency and accountability within the sector. Promoters have been urged to comply promptly with these regulations to avoid severe financial and legal consequences.

Real Estate

03 Apr 2026

Loomcraft Enters South India with Kerala Store Launch

Loomcraft has launched its exclusive store in Kerala, marking its entry into South India and a key step in its nationwide expansion strategy. The move targets a region driven by tourism and premium real estate demand, where outdoor spaces play a central role in hospitality and residential experiences.Kerala’s growing base of luxury resorts, boutique hotels, villas and gated communities has created strong demand for specialised outdoor furniture. However, the region has remained underserved, with buyers relying on imports or generic products not suited to humid, coastal and monsoon-heavy cond..

Mild Steel Prices Seen Rising to Rs 61,000 Per Tonne

Mild steel prices in India, currently around Rs 58,000 per tonne, are expected to rise to nearly Rs 61,000 per tonne in April, indicating an increase of about Rs 3,000 per tonne. The anticipated rise reflects structural pressures driven by geopolitical tensions, energy constraints and limited raw material availability.Ongoing global conflict has disrupted energy markets, leading to LNG shortages that are affecting domestic steel production. Small and mid-sized manufacturers, particularly those dependent on gas-based processes, are witnessing production cuts due to constrained energy supply, re..

Vedanta Expands Transgender Workforce to 75 Employees

Vedanta has strengthened its commitment to workplace inclusion by employing 75 transgender individuals across its businesses, including Vedanta Aluminium, Hindustan Zinc, Sesa Goa, FACOR and Cairn Oil & Gas. The initiative reflects sustained hiring efforts since 2022 to build equitable opportunities across operations, corporate and technical roles.Transgender employees are engaged in functions such as operations, finance, logistics, HR, CSR, healthcare and security, with provisions for internal mobility to support career progression. The company has implemented structured policies, includi..