285 promoters receive show-cause warnings from Odisha RERA for breaking regulations.

Abhay Shah - January 5, 2024

BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has sent show cause letters to 285 builders for failing to publish the Quarterly Progress Report (QPR) of ongoing projects around the state on the authority’s website, meaning that time is running out for misbehaving promoters.

As per the regulations, real estate project promoters are required to furnish the QPR detailing the current state of their housing and planned projects to the homebuyers who have put their hard-earned money in them.

The Real Estate (Regulation and Development) Act, 2016 requires the promoter to submit specific statutory compliances of the registered projects within their validity time, according to ORERA’s directive.

According to the Act, the promoter must update the QPR for the projects listed on the authority’s website. Additionally, it said that the individual must have a chartered accountant analyze his finances within six months of the conclusion of each fiscal year and upload the results to the Internet.

It stated that even though the authority had previously given all promoters until October 15, 2023, to submit all legislative compliances—including any ongoing ones—many promoters had failed to follow the instructions.

“We have sent the letters to the promoters and requested that they respond by January 24 at the latest. The Act will be followed, and required action against any promoter who does not respond promptly will be taken, according to ORERA Chairman Siddhanta Das.

According to officials, ORERA is authorized by the Act to penalize promoters who violate this rule. They stated that each quarter of a given year’s QPR must be posted on the ORERA website within 15 days of its expiration.

According to the ACT, promoters may be fined Rs 5,000 for each missing quarter, with an additional Rs 10,000 for each succeeding missed quarter. ORERA has the right to cancel the promoter’s registration if they neglect to submit the QPR or pay the punishment.