February 26, 2024: The Haryana Real Estate Regulatory Authority (HRERA) has issued a statement warning developers of levying heavy penalty and freezing bank accounts on account of non-compliance towards accurate information on project development status.
According to the RERA Act 2016, it is mandatory for all projects to file the quarterly progress reports (QPR) and annual audit reports (AARs).
This helps maintain a transparent real estate operation where in investors can keep a tab on their investments and prospective home buyers can know about the credibility and the status of the project they may be interested in investing in. Also, people will exactly know where the funds are being used. Developers who struggle with their real estate development or who will likely not complete their project are mostly the ones who don’t file the QPR and the AAR.
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