Real estate developers will now be able to file Quarterly Progress Report (QPR) according to financial quarters. Currently, realtors have to submit their progress reports every three months from the month their projects are registered with Gujarat Real Estate Regulatory Authority (Gujarat RERA).
Considering the real estate project promoters’ demand of extending the time for filing QPRs in the wake of extension in the lockdown, Gujarat RERA has decided to implement financial quarter based project progress reporting system for registered realty projects.
Irrespective of their last QPR filing, the developers will now be required to file their QPRs during a financial quarter and the last date of filing will be the 7th day after a financial quarter ends. For the April-June quarter of fiscal 2020-21, QPRs will be due to be filed by July 7, 2020, the authority said in a notification issued on Wednesday.
The authority will also exempt defaulting projects (as on March 2020) from any regulatory action if QPRs for such projects are filed by July 7.
Stringent action, however, will be taken against the promoters who fail to submit QPRs for the first quarter of this fiscal by July 7, Gujarat RERA made it clear in the notification.