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The Rajasthan Real Estate Regulatory Authority (RERA) has mandated that all realtors must file a Quarterly Progress Report (QPR) of their registered projects on the RERA website. This report should include updates on the project's apartments/flats, the status of each building, floor, internal infrastructure, and common area construction. In addition, details regarding approvals, bank account information, revisions to plans, license issues, permits, or approvals for the project must be displayed on the public forum.
Despite this mandate, many developers in the state have failed to adhere to this requirement. The RERA- Raj had launched an online facility for the submission of QPRs of registered projects, but developers continue to violate the rule. In some cases, developers have not submitted QPRs for two years.
This lack of transparency and adherence to the rules is problematic for potential buyers, who rely on this information to make informed decisions about investing in real estate projects. The QPR provides a transparent procedure that keeps investors informed and helps them understand the financial health of the developers. If the QPR is not uploaded on time, it can cause buyers to become anxious and hesitant to invest in these projects.
To address this issue, the RERA should take stringent action against developers who fail to submit the required QPRs. The Maharashtra Real Estate Regulatory Authority (MahaRera) has recently made it mandatory for developers to upload a self-declaration form that includes details of their projects across the country, including information about any projects that have been shelved and any warrants that have been issued by RERA.
A source has suggested that the same directions should be issued in Rajasthan, but the RERA- Raj has failed to take sufficient action to safeguard buyers' rights. Builders in the state seem to be fearless, and the lack of enforcement of the rules could lead to a lack of confidence in the real estate market in Rajasthan.
In conclusion, the failure of developers to submit QPRs for their registered projects is a significant problem that affects buyers' confidence in the real estate market. The RERA- Raj must take stringent action against violators to ensure transparency and accountability in the industry. Buyers rely on this information to make informed decisions, and failure to provide it can cause anxiety and mistrust. By enforcing the rules, the RERA- Raj can safeguard buyers' rights and protect the integrity of the real estate market in Rajasthan.
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