GujRERA Implements Daily Fines for Delayed QPR Submissions to Boost Compliance, ET RealEstate
AHMEDABAD: Gujarat Real Estate Regulatory Authority (GujRERA) is set to ease the norms surrounding the quarterly progress report (QPR) submission for real estate projects.
The updated rules, expected to be announced soon, will stop the automatic locking of project quarters if the QPR is delayed. Instead, a daily penalty will be implemented to encourage timely submissions. This shift aims to boost compliance among developers, ensuring smoother operations and transparency for homebuyers.
Currently, developers are required to file the QPR within seven days of the quarter’s end. If missed, the quarter locks on the portal, preventing further submissions for upcoming periods unless a Rs 10,000 processing fee is paid for a one-month extension. “However, many developers fail to submit the QPR and face penal action.
Despite sending e-mails, developers do not submit the details and buyers are unable to check the quarterly progress report. The unlocking process takes time due to which the reports of the subsequent quarters also get delayed. Many developers had sought relief in QPR norms,” a source said.
Sources reveal that the new rules will introduce a penalty of Rs 400 to Rs 1,000 per day, depending on the project’s size, for delayed QPR submissions. “Additionally, the requirement for chartered accountant and engineer certifications will be scrapped for each quarter, simplifying the submission process. The authority will also introduce a streamlined QPR form to save developer’s time. However, non-compliance will still result in penalties,” a source added.
Developers with overdue project completion reports will have to pay a lumpsum amount and late processing fee, particularly if QPRs from previous quarters also remain unfiled.
