Background and Rationale

Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to bring greater transparency and accountability into the real estate sector. One key responsibility of promoters under Section 11 is to regularly update the project status by submitting Quarterly Progress Reports (QPRs). These reports enable the Regulatory Authority and buyers to track project development and financial progress. Noticing delays and defaults by promoters in filing these mandatory updates, the authority has issued a fresh directive to strictly enforce quarterly reporting timelines with potential penal action for non-compliance.

Amendments and Their Implementation

1. Mandatory Upload Timelines: All promoters must upload the Quarterly Progress Reports (QPRs) by the following dates:
   • 15th April (for January–March quarter)
   • 15th July (for April–June quarter)
   • 15th October (for July–September quarter)
   • 15th January (for October–December quarter)
2. Action for Non-Compliance: Failure to upload the QPRs within 15 days from the quarter’s expiry will result in action being taken under the Real Estate (Regulation and Development) Act, 2016. This could include imposition of penalties, project suspension, or other regulatory action.

Implications and Future Prospects

• For Promoters: Non-compliance could lead to financial penalties and affect future project registrations.
• For TG RERA: Ensures a stronger regulatory framework with better oversight of ongoing projects.
• For Homebuyers: Buyers will receive timely updates on the project status, allowing for more informed decisions.

Conclusion

By enforcing a strict timeline for the uploading of Quarterly Progress Reports, TG RERA is ensuring transparency, financial accountability, and buyer protection. Promoters are urged to comply fully and promptly to avoid penalties and reputational risks under the Real Estate (Regulation and Development) Act, 2016.