Haryana Real Estate Regulatory Authority (HRERA) has warned developers of levying penalties and freezing bank accounts in case they fail to submit documents related to the progress and audit of their projects on time.
Filing of quarterly progress reports (QPR) and annual audit reports (AARs) by real estate developers is a mandatory requirement under the RERA Act 2016. The rule seeks to ensure efficient and transparent progress of construction of projects and utilisation of funds.
If a developer fails to submit these reports on time, "RERA Gurugram shall be compelled to take drastic action against such promoters. This may entail levying of penalties, freezing of their RERA accounts, attachment of their properties etc.", the Gurugram division of HRERA said in a statement.
According to the statement, the number of compliant promoters is reasonably high and such builders deliver projects on time or with some delays.
"However, those promoters, who have delayed or defaulted, and are either struggling or are not intending to complete the projects, are the ones who are not filing the QPR and the AAR," RERA Gurugram Chairman Arun Kumar said.
Kumar, who joined RERA Gurugram two months ago, also inspected all the stuck projects on February 14.
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