Odisha Real Estate Regulatory Authority (ORERA) issue showcause notices to 285 builders for not uploading the Quarterly Progress Report (QPR) of on-going projects across the state on the authority’s website.
According to rules, it is mandatory for promoters of the real estate projects to submit the QPR intimating the status of their housing and plotted projects for the information of the homebuyers, who have invested their hard-earned money in these.
ORERA in its direction mentioned that Real Estate (Regulation and Development) Act, 2016, mandates the promoter to upload certain statutory compliances of the registered projects within their validity period.
The Act requires the promoter to update the QPR in respect of the projects in the website of the authority. It is also mandatory for the person to get his accounts audited within six months after the end of every financial year by a chartered accountant and upload the same on the website, it read. It said through the authority had earlier allowed all the promoters to submit statutory compliances including the pending ones by October 15, 2023, it has been observed that many of the promoters have not complied with the direction.
“We have issued the notices to the promoters and asked them to give a reply latest by January 24. If any promoter fails to reply on time, necessary action as per the Act will be taken against them,” ORERA chairman Siddhanta Das said.
Officials said the Act empowers ORERA to penalise the promoters for such violation. They said the QPR must be uploaded on the ORERA website within 15 days from the expiry of each quarter of a particular year.
The ACT says for every missed quarter, promoters can be penalised Rs 5,000 and for the subsequent missed quarter, the fine amount would be Rs 10,000. In case the promoter fails to submit the QPR or pay the fine amount, their registration can be revoked by ORERA.