Prospective home buyers can soon track the progress of real estate projects online as all developers and builders registered under the Real Estate Regulatory Authority (RERA), Rajasthan, will soon have to upload quarterly progress report of their projects on the RERA website.
The move to upload reports online will help buyers to assess the properties, the progress of the projects, evaluation of the company’s financial status and legal aspects.
After the enactment and implementation of the Real Estate (Regulation and Development) Act, 2016, a total of 1,375 projects have been registered under RERA across the state. RERA registrar Ramesh Chandra Sharma said, “For consumer protection, the regulatory body making quarterly reports online will ensure transparency in the system. The prospective buyer can take take a comparative decision on buying a property after analysing quarterly report of projects.”
As per the mandatory provision, the promoter has to upload updates on the RERA website for the project at the end of each quarter on apartments/flats, status update of each building, floor, internal infrastructure and common areas construction. Other details including information on approvals, bank account details, revision in plans, licence issues, permits or approvals for the projects also have to be displayed in public forum.
A RERA official said, “Penalty will be imposed if developers failed to adhere to the norms of uploading the quarterly report. However, due to Covid- 19, the authorities have provided relaxation and decided not to take any action on defaulters.”
Other than this, Rajasthan RERA is also going hi-tech and developers can apply for project extension and submit their revised map online. Developers supported the RERA decision to go online as it would ease the process. CREDAI chairman Gopal Das Gupta said, “The online system will benefit both consumers and developers. The paperless process will not only benefit developers, buyers will not have to additionally pay to get documents and seek legal advice.”
