The Odisha Real Estate Regulatory Authority (ORERA) issued a direction under Section 37 of the Real Estate (Regulation and Development) Act, 2016, addressing the statutory obligations of promoters of registered real estate projects in Odisha for submission of Quarterly Progress Reports (QPRs). The direction was issued in the context of non-compliance by certain promoters of registered real estate projects with the prescribed time period for submission of QPRs.

Section 11(1)(d) & (e) of the Act, 2016, read with Rule 15 of the Odisha Real Estate (Regulation and Development) Rules, 2017, mandates every promoter of a registered real estate project to upload and submit QPRs containing updated information relating to the project for verification by the Authority regarding progress of the project in relation to commensurate utilization of funds.

Section 4(2)(1)(D) of the Act, 2016, requires the promoter to maintain a separate bank account for the project and to utilize the funds strictly in accordance with the provisions of the Act, 2016.

Rule 4(2)(C) of the Rules, 2017, requires promoters to file the status of the project (extent of development carried out till date and extent of development pending), including the original time period disclosed to allottees for completion of the project at the time of sale, the delay, and the time period which the promoter undertakes to complete the pending project, which shall be commensurate with the extent of development already completed. Such information is required to be certified by an Engineer, an Architect, and a Chartered Accountant in practice.

Prior directions on this subject were issued vide Order No. 3699/ORERA dated November 5, 2021, and Order No. 3482/ORERA dated May 15, 2024, directing submission of QPRs within 15 days from the expiry of each quarter on the website through online mode for public viewing.

The present direction under Section 37 of the Act, 2016, reiterates the obligation of promoters to submit QPRs within the prescribed time. No additional penalty or procedural change is introduced beyond what is stated in the Act and Rules.