On September 23, 2024, the Bihar Real Estate Regulatory Authority (BRERA) released the new Form 7, which mandates real estate developers to submit a Quarterly Progress Report for Quarter ending March/June/sept/December
Key Sections of Form 7
1. Particulars of Promoters
2. Particulars of Project
3. Disclosure of Sold/Booked Inventory of Apartments
4. Disclosure of Sold/Booked Inventory of Garages
5. Details of Building Approvals
Importance of Form 7
The implementation of Form 7 is vital for:
- Transparency: Ensures that all stakeholders, including buyers and regulatory bodies, have access to accurate project information.
- Accountability: Promoters must provide regular updates on project status and sales, fostering accountability in the real estate market.
- Consumer Protection: Enhances buyer confidence by ensuring developers adhere to regulations and report accurately.
The introduction of Form 7 by BRERA is a significant step towards improving the transparency and accountability of real estate projects in Bihar. Developers must ensure timely and accurate submission of these reports to comply with regulatory standards and protect consumer interests. By providing detailed information about promoters, projects, inventory, and approvals, this initiative will help build trust in the real estate sector.
To View the Form 7 please click on the link below
