Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) has reportedly frozen the bank accounts of 28 promoters for failing to submit mandatory Quarterly Progress Reports (QPRs).
The action was taken through a series of orders passed in August in separate compliance proceedings against defaulting promoters, TOI reported. The authority has been placing greater emphasis on timely and accurate disclosure of project information.
Notably, ORERA has revised the QPR format over the past few months and strengthened financial reporting requirements to improve transparency and enable better monitoring of registered projects. QPRs are among the most important compliance requirements under the real estate regulatory framework.
The reports, filed every quarter by the promotors online, provide details on the physical progress of construction, status of approvals, financial position of projects and utilisation of funds collected from homebuyers. The information is used by both ORERA and prospective buyers to assess whether projects are progressing as promised.
Officials said the latest action was aimed at ensuring greater accountability among promoters and safeguarding the interests of homebuyers. “QPR filing is an essential compliance requirement to ensure transparency. This would enable a homebuyer to keep a check on progress of work of the project where they have made a purchase. It also enables ORERA to monitor proper utilisation of funds and to ensure that the money collected from buyers is substantially utilized in the project. That is why ORERA is ensuring that all developers file QPR as mandated as per RERA Act. Non- compliance will be strictly dealt with,” TOI quoted ORERA Chairman Asit Mohapatra as saying.
Experts are of the view that the crackdown will send a strong message across the real estate sector. They said freezing of bank accounts is a significant deterrent as it directly impacts a promoter’s financial operations and highlights the seriousness of regulatory compliance.
