The Telangana Real Estate Regulatory Authority (TG RERA) issued a circular regarding submission the quarterly progress reports.
It is stated that, under the Real Estate Act, 2016, and Telangana Real Estate Rules, 2017, the promoter must submit quarterly progress reports to the TG RERA within 15 days of each quarter’s end.
The authority has observed that some promoters are not submitting quarterly progress reports, and some are submitting them late. According to the Real Estate Rules, 2017, promoters who violate these provisions must pay a penalty of up to 5% of the project’s estimated cost under Section 61 of the Real Estate Act, 2016.
It is stated that, all promoters must submit their pending quarterly progress reports by the end of June 2024. If they fail to do so, the Authority will impose a penalty under Section 61 of the Real Estate Act, 2016, without further notice.
