Upload quarterly reports on website, Rera-K tells builders

The buyers association states that it has been 40 months since Rera came into effect and till date none of the builders have uploaded any data.
Apartment building used for representational purposes.
Apartment building used for representational purposes.

After repeated appeals from the buyers association under the Real Estate Regulatory Authority-Karnataka (Rera-K), the authority has issued a circular mandating builders to update their quarterly reports on the website. Though the circular was signed on September 3, it was made public on September 7. It states that a penalty Rs 10,000 will be imposed for delay in uploading the reports from the due date and Rs 20,000 per month in case of further delay. Even though there is no fixed timeframe for builders to upload their reports, the circular states that the due date as per Rera-K rules is 15 days from the end of the quarter.

The buyers association states that it has been 40 months since Rera came into effect and till date none of the builders have uploaded any data. They alleged that the authority and the State Government were not strict in implementing the rules. 

M S Shankar, activist and secretary of the Forum for People’s Collective Efforts, Karnataka Chapter (also known as Fight for Rera), said that so far, 12 quarterly reports should have been uploaded, but there are none on the website. There are 4,200 registered builders under Rera in Karnataka and 85% of them are in Bengaluru alone.

“Uploading the reports is vital as buyers assess the properties, choose the right property and evaluate the company’s financial status and legal aspects based on the reports. It was also made mandatory because earlier the builder would ask the buyer to pay Rs 50,000 to Rs 5 lakh to get hold of the papers before making purchases. There were many cases where the builder would not refund the money to the buyer if the buyer was not keen to make a purchase. But this has not been addressed so far,” he said.

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