'Submit Annual Report or Pay Fine'-HRERA demands Realtors!

Haryana RERA has issued order to real estate promoters are required to submit annual reports for their under-construction projects within 30 days.

The Haryana Real Estate Regulatory Authority (HRERA) in Gurugram has issued a stern warning to real estate promoters, urging them to submit their mandatory annual reports for ongoing projects within 30 days. Failure to comply with this requirement will result in a hefty penalty of Rs. 5 lakhs.

In a recent review meeting, the Haryana Real Estate Regulatory Authority (HRERA) expressed disappointment over the failure of many real estate promoters to submit the annual reports for their respective projects.

The Authority has now issued show cause notices to these promoters, instructing them to submit the reports within 30 days to avoid a penalty, as stated in their official release.

The Authority’s order emphasized that failing to submit the annual report for under-construction projects constitutes a serious violation of the RERA Act 2016. The Authority has taken this matter seriously and has issued show cause notices to the promoters, questioning why a penalty of Rs. 5 lakhs should not be imposed on those who fail to submit the required reports within 30 days from the date of the notice.

The statement further clarified that if a real estate promoter fails to submit the annual report within 60 days of receiving the show cause notice, an additional penalty of Rs. 10,000 per day will be imposed, on top of the Rs. 5 lakh penalties.