The Gujarat Real Estate Regulatory Authority (GujRERA) has announced significant changes to the project progress reporting system under the Gujarat Real Estate Regulatory Authority (General) (Amendment) Regulation, 2024, aimed at simplifying the compliance process for developers. The new rules, set to take effect on January 1, 2025, are designed to streamline reporting requirements and improve project monitoring.
According to GujRERA sources, developers have often faced challenges in submitting quarterly project progress reports (QPPR) due to delays in obtaining necessary certifications from chartered accountants, architects, and engineers. The lack of available consultants and the additional costs of certification have made this process cumbersome. In response, the authority has decided to ease these requirements by allowing developers to submit QPPR without the need for external certification, simplifying the reporting process.
The amendment introduces Form 8, which will replace the earlier system that required developers to submit Forms 1, 2, and 3 for QPPR updates on the GujRERA portal. Form 8 offers a structured format for developers to track and report project progress, including physical developments, financial updates, and key developments for both individual blocks and common areas.
Developers will need to report:
- Estimated project cost
- Completion timelines
- Progress on buildings and common areas
- Photographs of internal and external development work
However, developers will still need to submit the required certifications when withdrawing funds from the RERA bank account.
Additionally, GujRERA is offering relief to developers who missed submitting progress reports for previous quarters, allowing them to submit the reports by paying a late fee.
The changes are expected to reduce manual errors, improve the consistency of reports, and simplify compliance for developers, ultimately ensuring better project monitoring and transparency in Gujarat’s real estate market.
