Haryana RERA warns Gurugram developers over report submission delays

RERA warns developers: Haryana's Real Estate Regulatory Authority (RERA) has issued a stern warning to real estate developers operating in Gurugram, emphasising the importance of submitting Quarterly Progress Reports (QPR) and Annual Audit Reports (AAR) in a timely manner. The authority has stated that failure to comply with these requirements could result in penalties, freezing of RERA accounts, and even the attachment of properties.

Under the regulations set by RERA, developers of ongoing real estate projects are obligated to file quarterly progress reports within 15 days after the end of each quarter. These reports play a role in providing online updates to investors and homebuyers, ensuring transparency and accountability in the real estate sector.

The Gurugram division of HRERA has stressed that non-compliance will lead to severe consequences. While acknowledging that many developers are adhering to these regulations and successfully delivering projects on schedule, HRERA has noted a concerning trend amongst certain developers associated with delayed or struggling projects. These developers are failing to file the required reports, raising concerns about their intentions and commitment to completing their projects.

Arun Kumar, Chairperson of RERA Gurugram, has emphasised the significance of these reports in facilitating informed decision-making for investors and homebuyers. In his recent tenure, Kumar has personally inspected several stalled projects to assess the situation firsthand and ensure that necessary actions are taken to address any issues.

Kumar also highlighted the proactive measures taken by RERA Gurugram to enforce compliance with reporting requirements, including stringent penalties for non-compliance and potential legal actions against defaulting developers. The authority remains committed to upholding the integrity of the real estate market in Gurugram and safeguarding the interests of investors and homebuyers.

The warning issued by Haryana's RERA serves as a reminder to real estate developers in Gurugram to fulfil their regulatory obligations promptly. Compliance with reporting requirements is essential for maintaining transparency and accountability in the sector, ultimately benefiting all stakeholders involved in real estate transactions.