Rajasthan RERA to send notices to developers for non report submission
Real Estate

Rajasthan RERA to send notices to developers for non report submission

The Rajasthan Real Estate Regulatory Authority (RERA) will issue notices to nearly 300 developers in Rajasthan for not submitting quarterly progress reports.

According to the mandatory provision, for the project on apartments or flats, status updates of each building, the promoter has to upload updates on the RERA website at the end of each quarter.

A senior official at RERA said that the developers would get time to submit their replies in October after issuing the notices. If the reply of the developers is dissatisfactory, the registration will get canceled.

The move to upload reports online aids buyers to assess the properties, the development of the projects, evaluation of the company’s financial status and legal aspects.

A total of 1,800 projects have been registered under RERA across the state, after the enactment and implementation of the Real Estate regulation and development act, 2016.

The officer said the authority had made quarterly reports online to ensure transparency in the system, for consumer protection. After analysing quarterly reports of projects, the prospective buyer can take a comparative decision on buying a property.

Other details covering approvals information, bank account details, license issues, permits, revision in plans, or approvals for the projects also have to be presented in the public forum.

A penalty will be applicable if developers failed to adhere to the norms of uploading the quarterly report. The authorities have provided relaxation and decided not to take any action on the defaulters during Covid. Now, the regulatory body will issue notices once again, a RERA official said.

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Also read: Hyderabad civic body sends notices to property owners for misuse

The Rajasthan Real Estate Regulatory Authority (RERA) will issue notices to nearly 300 developers in Rajasthan for not submitting quarterly progress reports. According to the mandatory provision, for the project on apartments or flats, status updates of each building, the promoter has to upload updates on the RERA website at the end of each quarter. A senior official at RERA said that the developers would get time to submit their replies in October after issuing the notices. If the reply of the developers is dissatisfactory, the registration will get canceled. The move to upload reports online aids buyers to assess the properties, the development of the projects, evaluation of the company’s financial status and legal aspects. A total of 1,800 projects have been registered under RERA across the state, after the enactment and implementation of the Real Estate regulation and development act, 2016. The officer said the authority had made quarterly reports online to ensure transparency in the system, for consumer protection. After analysing quarterly reports of projects, the prospective buyer can take a comparative decision on buying a property. Other details covering approvals information, bank account details, license issues, permits, revision in plans, or approvals for the projects also have to be presented in the public forum. A penalty will be applicable if developers failed to adhere to the norms of uploading the quarterly report. The authorities have provided relaxation and decided not to take any action on the defaulters during Covid. Now, the regulatory body will issue notices once again, a RERA official said. Image Source Also read: Hyderabad civic body sends notices to property owners for misuse

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