The Kerala Real Estate Regulatory Authority (K-RERA) on October 22, 2022, issued a notification regarding the promoters must update the quarterly progress details of the registered Project in the Web Portal of the Authority and such quarterly progress updates must be done within 7 days from the expiry of each quarter.
The following significant points have been stated:
• It is stated that promoters have a legal responsibility to update the quarterly progress of the registered project and it is the right of the Allottee to know the progress of the real estate project.
• The promoters must also upload a brochure/prospectus {whatever promises were made to the allottee) published in newspapers and other media, as and when it is published.
• The audited account of the project duly certified and signed by the chartered accountant in FORM 5 for the financial year 2021-22 due on October 31, 2022, should also be uploaded to the Web-Port.
• K-RERA Authority had also sent email reminders regarding the requirement of uploading quarterly progress due and FORM 5 to all the promoters.
The list of projects that fail to update the same will be published by K-RERA and will be penalized under section 61 of the Real Estate (Regulation & Development) Act 2016.
[Public Notice No. K-RERA/T3/102/2020]
