Odisha RERA Orders Builders to Submit Quarterly Reports and Audits

31 Dec 2024 CW Team

The Odisha Real Estate Regulatory Authority (ORERA) has directed all promoters to submit quarterly progress reports (QPR) and annual audit certificates, even if their projects receive RERA registration partway through the year. This move comes after ORERA observed that some promoters were not submitting the required reports, which keep buyers informed about the status of ongoing projects. ORERA鈥檚 order highlights that promoters granted registration close to the end of a quarter or financial year were neglecting to submit the QPR and annual audit certificates. The authority clarified that all promoters, irrespective of when their registration is granted, are legally obligated to submit the reports for the period they are registered. Real estate expert Bimalendu Pradhan noted that these reports are crucial for protecting buyers and ensuring timely project completion. In addition, ORERA has revised the QPR format, requiring builders to provide more detailed information, such as the number of residential and commercial units or plots to be developed, booking status, and details of project facilities like community halls, lifts, sewage treatment plants, and firefighting systems.

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