Gujarat Real Estate Regulatory Authority (GujRERA) is set to introduce significant amendments to streamline the project progress reporting system for developers, starting January 1, 2025. These changes are designed to simplify compliance, enhance project monitoring, and reduce the administrative burden on developers.
One of the key amendments is the introduction of a new reporting form, Form 8, which replaces the earlier Forms 1, 2, and 3 used for Quarterly Project Progress Report (QPPR) updates. This change is expected to significantly ease the process, allowing developers to directly submit progress reports without requiring the certification of chartered accountants, architects, or engineers each quarter, as was the previous requirement. This adjustment is expected to reduce delays caused by limited availability of consultants and lower the compliance costs for developers. GujRERA officials explained that the new system will allow developers to submit QPPRs themselves, which will cover essential aspects such as physical development progress, financial updates, and timelines for individual blocks and common areas. The new QPPR format will also include photographic evidence of internal and external work, providing a comprehensive overview of the project’s status.
However, developers will still be required to submit necessary certifications when withdrawing funds from the RERA-designated project bank account. This ensures that there is still oversight in terms of financial transparency, while the simplified reporting system will handle the administrative aspects of progress tracking. In addition to simplifying the quarterly reporting system, the amendment also offers relief to developers who may have missed submitting progress reports for previous quarters. They will now be allowed to submit delayed reports by paying a late fee, providing them with more flexibility and an opportunity to catch up with their compliance. This move by GujRERA is expected to significantly improve the overall efficiency and transparency of project monitoring, benefiting developers by reducing compliance costs and speeding up the reporting process. With this modernization, the real estate sector in Gujarat will see improved adherence to project timelines, while also offering developers a more straightforward path to fulfilling their regulatory obligations.
