Quaterly Compliances Under RERA - Bashmakh

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Quaterly Compliances Under RERA - Bashmakh

• What are the compliances under RERA?
• Promoters are compulsorily required to update
  their project quarterly. They should ensure Real
  Estate (Regulation and Development Act,2016

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What are the compliances under RERA? Promoters
are compulsorily required to update their project
quarterly. They should ensure Real Estate
(Regulation and Development) Act
2016. The Maharashtra Real Estate
Authority (MahaRERA) vide its Order No. 18/2021
dated 28th July 2021 has made QUARTERLY UPDATES
for each project COMPULSORY. The Order further
states that the non-compliance shall be strictly
responded with PENAL ACTION.
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It has further described in its order as follows
MahaRERA shall implement "Financial Quarter Based
Project Progress Reporting System" for all
MahaRERA registered real estate projects.
Promoters shall file Quarterly Progress Reports
(QPR) as per Financial Quarters within 7 days of
the Quarter End (Due Dates will be every 7th day
of July, October, January and April
respectively). The first financial quarter based
QPR will be due to be filled by 15th August, 2021
for all registered projects (for April May June
Quarter) irrespective of the date of their last
QPR filled.
QUARTER DUE DATES
Q1 (April, May, June) 7th of July
Q2 (July, Aug, Sept) 7th of October
Q3 (Oct, Nov, Dec) 7th of December
Q4 (Jan, Feb, March) 7th of April
FIRST COMPULSORY UPDATE FOR FIRST FINANCIAL
QUARTER OF THE YEAR 2021-22 SHALL BE 15TH AUGUST
2021.
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Promoter shall provide Quarterly updates on the
following
i. Increment Changes in various building plan
approvals. ii. Status of the Project Physical
and Financial Progress of the Project along with
Form l, Form 2, Form 2A and Form 3 for the
quarter iii. Form 5 shall be submitted in the
concerned quarter i.e Quarter II. iv. Form 4 to
be uploaded, if applicable. v. Present status of
Booking of Plots/Apartments/Units v. Present
status of Booking of Plots/Apartments/Units vi.
Present status of Booking of Garages, Cover
Parking. vii. Changes in Project Professionals
including Architect, Engineer, Chartered
Accountant, Real Estate Agents and so on. viii.
Changes in Encumbrances Report. ix. Status of
Association of Allottees, if applicable. x.
Status of Conveyance, if applicable. xi. Changes
in any other detail of the project, as provided
during Project Registration/Previous update.
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IF NO UPDATION IS MADE WITHIN DUE DATE THEN
1. Web Generated Notice shall be issued
immediately. 2. if no response is received
within 10 days - Chief Planning Officer will call
the promoter for hearing and penalty will be
levied.
We will help you for RERA Registration in all
over in Mumbai visit Bashmakh Co (Chartered
Accountants)
Call Now 8898704682 Our Website
www.bashamakh.co Gmail ID heena.bashmakh_at_gmail.co
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