Odisha Real Estate Regulatory Authority (ORERA) is cracking down on non-compliant developers, issuing showcause notices to 285 builders. These notices are in response to their failure to upload the Quarterly Progress Report (QPR) for ongoing projects across the state on the authority's website. Time is ticking for these promoters as ORERA takes action to enforce transparency and adherence to regulations in the real estate sector. Stay tuned for updates on the consequences and regulatory measures taken by ORERA.
As per regulations, real estate project promoters are required to submit Quarterly Progress Reports (QPR) to update the status of their housing and plotted projects. This crucial information is intended for homebuyers who have invested their hard-earned money in these projects. ORERA's enforcement of this rule ensures transparency and accountability in the real estate sector, safeguarding the interests of prospective homeowners. Stay informed about the compliance measures being implemented for enhanced consumer protection.
ORERA, in its directive, emphasized adherence to the Real Estate (Regulation and Development) Act, 2016, which mandates project promoters to upload specific statutory compliances of registered projects within their validity period. This reinforces the commitment to regulatory guidelines, ensuring that essential project-related information is accessible to the public in line with legal requirements. Stay updated on how these regulatory measures shape the real estate landscape for better transparency and accountability.
Under the Act's provisions, promoters are obligated to update the Quarterly Progress Report (QPR) on the authority's website for their projects. Additionally, the legislation stipulates that the accounts must undergo an audit by a chartered accountant within six months after the conclusion of each financial year, with the audit report uploaded on the website. Although the authority extended the deadline for all promoters to submit statutory compliances, including pending ones, by October 15, 2023, non-compliance has been observed. Stay informed about the regulatory landscape and its impact on the real estate sector.
Promoters receiving notices from ORERA must respond by January 24. Failure to do so will result in appropriate action as per the Act, warns ORERA Chairman Siddhanta Das. Stay compliant to avoid consequences.
ORERA has the authority to impose penalties on promoters for violations. According to the Act, promoters must upload the QPR on the ORERA website within 15 days after the end of each quarter in a given year. Stay informed and adhere to regulations to avoid penalties.
The Act stipulates penalties for non-compliance, with promoters facing fines of Rs 5,000 for each missed quarter and Rs 10,000 for subsequent quarters. Failure to submit the QPR or pay the fines may result in ORERA revoking the promoter's registration. Stay compliant to avoid penalties and safeguard your projects.
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