The Odisha Real Estate Regulatory Authority (ORERA) has served notices to as many as 285 realtors for not submitting their quarterly progress reports (QPRs).
As per the Odisha Real Estate Regulatory Authority Act, the builders are supposed to inform the authorities about the status of their building construction work. This aims to help house owners know if their houses will be completed in time or not.
If any builder fails to submit his QPR report in time, a fine of Rs 5000 will be imposed on him within 15 days from the expiry of each quarter. Further, Rs 10,000 will be imposed for every subsequent missed quarter.
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There are many such real estate companies who are not submitting their QPRs on time and in the proper format. Because of this, the house owners are not able to know the actual status of their houses.
Taking this seriously, the ORERA has submitted notices to the defaulting companies. In the notice, they have been asked as to why a penalty shall not be imposed on them for non-submission of QPR within the stipulated date.