Time is of the Essence

In recent developments, real estate developers across the industry are facing show cause notices for missed deadlines and non-compliance with RERA regulations. These notices highlight the serious consequences of project lapses under RERA, underscoring the importance of timely compliance.

Understanding the Consequences of Non-Compliance:
The Real Estate (Regulation and Development) Act, 2016 (RERA) requires developers to update project progress on time. Delays in meeting these obligations can lead to significant repercussions, including project suspension, penalties, and freezes on project activities. Non-compliance with requirements such as submitting completion certificates, applying for extensions, and providing quarterly updates can attract severe penalties and restrictions.

Key Requirements Under RERA:

1. Quarterly Progress Reports – Developers must update their project pages on the RERA portal with quarterly reports to maintain transparency.
2. Completion and Occupancy Certificates – These certificates need to be uploaded when the developer receives Occupancy Certificate.
3. Extension Applications – If delays arise, developers must proactively apply for project extensions before the initial completion date to prevent the project from lapsing.

Potential Repercussions of Non-Compliance:
Missing compliance deadlines can lead to:

• Project Registration Revocation
• Freezing of Project Bank Accounts
• Restrictions on Sale or Transfer Registrations
• Penalties and Legal Consequences

How Professional Compliance Services Can Help:

1. Regular Updates & Tracking: Ensuring all necessary reports and certificates are filed on time.
2. Extension Applications: Assisting developers in securing extensions when needed to avoid lapses.
3. Compliance Audits: Conducting periodic audits to identify and address any compliance gaps early.

Conclusion:
Don’t let missed deadlines risk the success of your projects. With timely compliance support, developers can stay on track, avoid penalties, and uphold a strong reputation under RERA. Ensure all compliance requirements are managed efficiently to keep your projects running smoothly.

Contact us today to learn more about how we can support your project’s success.

+91.77099 84332 |  contact@pnsrera.com