According to the Rajasthan Real Estate Regulatory Authority (RERA), many realtors in the state are not adhering to the mandatory norm of filing online quarterly progress reports (QRPS) for their registered projects.
The QRPS should contain updates on apartments/flats, the status of each building, floor, internal infrastructure, and common areas construction. Other details, including information on approvals, bank account details, revision in plans, licence issues, permits, or approvals for the projects, must also be displayed publicly.
Although RERA launched an online facility for the submission of QPRs, developers have violated the rule, with some not submitting QRP for two years. As a result, RERA issued a notice under Section 11 (1) (e) of Real Estate (Regulation and Development) Act, 2016 against one promoter on July 11, 2022, for non-submission of QPRs since June 2020 to March 2022. However, the required QPRs were not uploaded on the web portal of the authority, and no response was received from the promoter.
A source from RERA stated that the QRP is a transparent procedure that keeps investors informed about the project and the financial health of the developers. If it is not uploaded on time, it can make buyers anxious.
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