Quarterly progress reports

Quarterly Progress Report (QPR) Compliance with RERAOne

At RERAOne, we streamline the process of Quarterly Progress Report (QPR) compliance, ensuring your real estate projects consistently meet RERA-mandated reporting requirements with precision and efficiency. As per RERA regulations, developers must submit detailed progress reports every quarter, updating authorities on project timelines, construction milestones, financial status, and any changes to the project scope. QPR submissions are required at the end of every quarter—March, June, September, and December—within 20 days from the end of each respective quarter. We ensure that all deadlines are met, and your reports are submitted promptly and correctly, so you can focus on project execution while we handle your regulatory compliance.

With RERAOne's support, you can maintain full transparency, stay on top of regulatory obligations, and avoid penalties—keeping your projects on track and aligned with RERA standards.

Documents and Information Required for Quarterly Progress Report (QPR) Compliance

• Project Cost (Actual Total Amount): Detailed breakdown of the actual total cost of the project.
• Architect (Form 1): Certification of the percentage of work completed by the architect.
• Engineer (Form 2): Details on the cost of development certified by the project engineer.
• CA Certificate (Form 3): A certificate from a Practising Chartered Accountant confirming the project cost and fund withdrawals.
• Engineer’s Certificate for Annual Quality Assurance (Form 2A): Certification on the quality assurance of the project’s construction annually.
• RERA Audit (Form 5): An annual report on the statement of accounts, certified by a practicing Chartered Accountant.
• Building Details: Information about the number of apartments booked, sold, and allotted.
• Task/Activity: Breakdown of the percentage of work completed in relation to project tasks and activities.
• Common Areas and Facilities: Details on the percentage of completion of common areas, facilities, and units booked.
• Project Professional Details: Information about the professionals associated with the project, such as real estate agents.

Consequences of Not Submitting Quarterly Progress Report (QPR)

Failure to submit the Quarterly Progress Report (QPR) can lead to serious consequences for real estate developers under RERA, including:

• Bank Account Freeze: Non-compliance may result in the freezing of the project's separate bank account, hindering financial transactions.
• Show Cause Notice: RERA may issue a show-cause notice, requiring the promoter to explain the reasons for non-submission.
• Penalty: A financial penalty may be imposed for failing to comply with QPR submission deadlines.
• Revocation of Registration: Failure to comply with QPR requirements can lead to the revocation of the project’s RERA registration.
• Sale Deed Not Registered: Non-submission of QPR may prevent the registration of sale deeds, affecting property transactions.
• Losing Customer Confidence: Lack of transparency and timely updates can lead to a loss of trust among customers and investors.
• Inability to Seek Extension: Without a proper QPR, developers cannot apply for project timeline extensions.
• Cannot Change Major Project Details: Major project modifications cannot be made without up-to-date progress reports, affecting project flexibility.

Role of ReraOne in Quarterly Progress Report (QPR)

ReraOne plays a key role in ensuring real estate projects comply with RERA regulations by monitoring the Quarterly Progress Report (QPR). Our responsibilities include:

• Examining Books of Accounts: Ensuring accurate financial records and compliance with RERA guidelines.
• Monitoring Withdrawal Limits: Verifying that fund withdrawals align with RERA-approved limits.
• Ensuring Compliance: Ensuring the project adheres to all relevant RERA regulations and legal requirements.
• Staying Updated: Keeping track of new orders and circulars issued by MahaRERA to ensure ongoing compliance.
• Document Verification: Tallying and cross-checking documents to ensure accuracy and consistency.
• Identifying Discrepancies: Checking for discrepancies in reports, financial statements, and project documentation.
• Milestone Tracking: Verifying project milestones and adherence to timelines.
• Fund Utilization Audit: Assessing the effective use of funds in line with project progress.
• Compliance Reporting: Preparing detailed reports for stakeholders on project compliance and progress.
• Providing Recommendations: Offering suggestions to improve processes and maintain compliance.