RERA Compliance – Quarterly Updates

Quarterly and Yearly Compliance

Developers / Builders need to update projects information on portal from time to time, upload quarterly project reports and yearly compliances. Developers covered under the Real Estate (Regulation and Development) Act, 2016 — specifically sections 3,4, and 11, as well as Order 33/2022 — are mandated to submit Quarterly Project Reports (QPRs) every quarter. These reports must give details of construction progress and financial information. As per these provisions, the QPRs are to be updated every January 20, April 20, July 20, and October 20. These reports must include Forms 1 and 2 (detailing construction progress) and Form 3 (providing a financial breakdown of bookings, payments received, expenses incurred, and any project amendments). Developers must also comply with the Yearly Audit (Form 5) and other update of progress report of project.

At RERA First, we recognize the intricate challenges and demands of complying with the Real Estate Regulatory Authority (RERA) guidelines. Our comprehensive RERA Compliance Services are tailored to assist developers, promoters, and real estate agents in seamlessly navigating the regulatory framework. Our dedicated team of Chartered Accountants, lawyers and financial experts ensures your project is fully compliant with MAHARERA Regulations.

Our Process for RERA Compliances:

1.Issuing Reminders:

At RERA First we understand the importance of adhering to due dates, hence we send reminders, so you don’t miss the compliance deadline.

2.Data Collection and Consultation:

Collecting financial records and consultation with experts to ensure compliance with RERA guidelines.

3.Seamless Coordination:

We connect with your project team and professionals for accurate reporting.

4.Drafting Reports and Declarations:

Drafting professional certificates and declarations after thorough examination of data.

5.Reporting & Updating:

Updating progress of project and audit reports on MAHARERA portal. Also updating information of progress of project in relevant tabs.

Documents and Information required for Quarterly and Yearly Compliances:

1.Architect Certificate (Form 1):

Certification of the percentage of work completed by the architect.

2.Engineer Certificate (Form 2):

Details on the cost of development certified by the project engineer.

3.CA Certificate (Form 3):

A certificate from a Practicing Chartered Accountant confirming the project cost and fund withdrawals.

4.RERA Audit (Form 5):

An annual report on the statement of accounts, certified by a practicing Chartered Accountant.

5.Engineer’s Certificate for Annual Quality Assurance (Form 2A):

Certification on the quality assurance of the project’s construction annually.

6.Details of Sold / Booked Inventory:

Information about units sold or booked in the project.

7.Details of Loan secured for the project:

Complete Information on Project Financing and Loans and CERSAI report.

Implications of Non-Submission of Quarterly and Yearly Compliances:

1.Bank Account Freeze:

RERA can freeze the project’s separate bank account, blocking access to funds and disrupting financial operations.

2.Financial Penalties:

Non-compliance may result in hefty financial penalties imposed by RERA.

3.Impact on Project Funding:

Banks and financial institutions may become reluctant to finance projects for developers who have a history of non-compliance with RERA guidelines.

4.Restriction on Sale of Units:

Non- Compliance may lead to revocation of RERA registration, resulting in the sub-registrar refusing to register the sale deed of the units.

5.Impact on Future Projects:

Non-compliance with RERA regulations can make it harder to get approvals for future projects.

6.Loss of Credibility:

Non-compliance can harm the developer’s reputation, leading to a loss of trust among homebuyers and investors.