Quarterly Compliance for West Bengal The Real Estate (Regulation and Development) Act (RERA) of 2016 became effective from May 1, 2016, with 69 out of 92 sections coming into force. On October 29, 2016, the Ministry of Housing and Urban Poverty Alleviation issued the RERA rules for West Bengal. These rules were introduced to safeguard homebuyers’ interests, promote professionalism, and ensure transparency in the real estate sector. Starting May 4, 2017, online registrations began for agents, promoters, and projects.
To foster transparency and establish oversight of ongoing projects by registered developers, the RERA Authority introduced the Quarterly Compliance system. As outlined in Section 4(2)(I)(D) of the RERA Act, 2016, developers are required to maintain a separate account where 70% of the funds collected from homebuyers must be deposited. This amount can only be used for the specified project. After submitting quarterly compliance documents to banks, reflecting the percentage of work completed, developers can withdraw funds from this account.
This ensures proper governance and verifies the project’ progress.What is Quarterly Compliance?1. Every quarter, developers are required to submit various documents detailing the project’ progress, and once submitted, these details cannot be revised.2. The GUJRERA Authority has introduced a dynamic rolling quarter system (three months) based on a unique project-specific logic. Promoters must submit the mandatory RERA Return before the quarter ends, as displayed in their login portal.3.
The RERA Return consists of three key documents: the Architect Certificate (Form 1), Engineer Certificate (Form 2), and Chartered Accountant Certificate (Form 3).4. Throughout the project’ lifecycle, the final quarter is the one in which the project end date occurs. In addition to the regular quarterly filings (Form 1, 2, and 3), promoters are also required to upload Form 4 or 4A (Completion Certificate) and Form 5 (Annual Report, if applicable) using the promoter login.5. Before starting the quarterly RERA Return filing process, promoters must enter the unique block/type/wing/bungalow/category details of the project.
This should align with the Architect Certificate (Form 1) submitted during project registration. Promoters can reference the Approved Layout Plan or RERA Registration Certificate remarks for accuracy. This information uniquely identifies the project’ inventory.6. Promoters must pay a quarterly return fee of ₹2,000, as stipulated by the West Bengal RERA Authority.
Payment can be made through the GUJRERA website using the available payment gateway options, including net banking, debit card, or credit card.7. Additionally, promoters must provide information on the number of flats sold, booked, and leased, along with their respective construction status.Through these detailed compliance requirements, the authority ensures thorough monitoring of registered projects, offering greater confidence and relief to homebuyers. Thanks to these RERA regulations, transparency and accountability are being upheld in the real estate sector! This ensures proper governance and verifies the project’ progress.
What is Quarterly Compliance? Every quarter, developers are required to submit various documents detailing the project’ progress, and once submitted, these details cannot be revised. Promoters must submit the mandatory RERA Return before the quarter ends, as displayed in their login portal. The RERA Return consists of three key documents: the Architect Certificate (Form 1), Engineer Certificate (Form 2), and Chartered Accountant Certificate (Form 3).
In addition to the regular quarterly filings (Form 1, 2, and 3), promoters are also required to upload Form 4 or 4A (Completion Certificate) and Form 5 (Annual Report, if applicable) using the promoter login. This information uniquely identifies the project’ inventory. Payment can be made through the GUJRERA website using the available payment gateway options, including net banking, debit card, or credit card. Additionally, promoters must provide information on the number of flats sold, booked, and leased, along with their respective construction status.
Through these detailed compliance requirements, the authority ensures thorough monitoring of registered projects, offering greater confidence and relief to homebuyers.