Quarterly Updation

Quarterly Updation

Quarterly Updation in RERA refers to the mandatory process for developers to update and report key details about their ongoing real estate projects to the Real Estate Regulatory Authority (RERA) every three months. This ensures transparency, legal compliance, and keeps buyers informed about the project’s progress.

  • Compliance: Ensures that developers follow RERA regulations and avoid penalties.
  • Transparency: Keeps buyers and stakeholders informed about project progress.
  • Legal Requirement: It’s a statutory obligation under RERA, helping to maintain the integrity of real estate transactions.

Overview of RERA Quarterly Updation

RERA Quarterly Updation is a mandatory compliance requirement under the Real Estate (Regulation and Development) Act, 2016. Registered developers must update key project information on the RERA portal every quarter.

This includes details like construction progress, approvals received, changes in project plans, financial disclosures, and sales status.

The goal is to ensure transparency and keep buyers informed with accurate and timely project data, ultimately building trust and accountability in the real estate sector.

Key Aspects of Quarterly Updation

  1. Project Progress: Developers must update the status of construction, indicating whether the project is on track and if it’s progressing as per the original schedule.
  2. Sales Information: Developers must provide details about sales transactions, such as bookings, cancellations, transfers, or possession updates.
  3. Customer information: List of booked units along with customer details, payments received, and possession status.
  4. Financial Utilization: Developers are required to report how funds are being used in the project, ensuring compliance with RERA rules related to fund management.
  5. Changes or Delays: If there are any delays in the project timeline or amendments to the initial plan, developers need to provide revised schedules and reasons for delays.
  6. Customer Updates: The updates include buyer information, including agreements, payments, and possession details, ensuring full transparency.

Why Choose TaxMyles for Quarterly Updation in RERA?

  1. On-Time Submissions: Ensure updates are filed promptly to avoid delays or penalties.
  2. Complete Transparency: Provide clear, detailed progress reports and sales information.
  3. Custom Solutions: Tailored Updation services based on your project’s specific needs.
  4. Risk Reduction: Minimize legal risks with proper and timely updates.
  5. End-to-End Support: Full support throughout the quarterly Updation process.

TaxMyles ensures your quarterly RERA Updation is compliant, accurate, and on time, allowing you to focus on growing your business.