Quarterly Returns under RERA

A RERA registered projects must file their returns quarterly

Brief about quarterly returns under RERA

Every developer needs to declare the current position of their ongoing project by filing returns under RERA. This returns consists of the information like original approved plans for their on-going projects and the alterations that they made later. They also have to furnish details of revenue collected from allottees, how the funds were utilized, the timeline for construction, completion, and delivery that will need to be certified by an Engineer/Architect/practicing Chartered Accountant.

Quarterly returns under RERA

Returns to be file under RERA is usually known as “QUARTERLY PROGRESS REPORT” this return or report is required to be submitted for each and every project registered under RERA every three months during the life cycle of the project.

You need these details to be submitted under quarterly return of RERA

  1. Architect’s Certificate: Architect appointed for the project is required to certify the progress of the project for the relevant quarter for which return is being filed. An architect needs to certify that how much the project has been completed in terms of percentage. For example, lift is installed or not, how many floors are built, how much plaster work is done, how much plumbing is done. To verify and certify this, an architect is supposed to physically visit the site and get the data ready. (see more Architect certificate under RERA)
  2. Engineers Certificate: An Engineer appointed for the project needs to give his certification regarding how much construction cost that have already been incurred with respect to whole project. He needs to certify whether the construction completed is in accordance with the construction cost of the whole project or there are some deviations exist. (See more at Engineer certificate under RERA) 
  3. Chartered Accountant Certificate: The chartered accountant appointed for project needs to give his certification regarding all financials matters of the project. He needs to certify that how much booking amount has been received for the ongoing project, how much loan has been repaid and how much outstanding loan is there for the project. (See more at CA certificate under RERA)

Penalty for non filing of return

If anyone fails to comply with the provision of RERA, then penalty upto 10% of the total estimated project cost shall be levied.
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