File annual reports in 30 days to avoid penalties, RERA warns promoters

RERA warned real estate promoters to file annual reports within 30 days to avoid penalties, emphasizing compliance with statutory obligations. The directive aims to enhance transparency and accountability in the real estate sector, ensuring that developers adhere to financial and operational reporting standards. RERA noted that timely submissions are critical for protecting homebuyers’ interests and maintaining market integrity. The warning follows increased instances of non-compliance, which can erode consumer trust and disrupt project timelines. Promoters were reminded of their responsibilities under the RERA Act and urged to adopt best practices in corporate governance. Industry experts welcomed the move, noting its potential to foster a more disciplined and professional real estate ecosystem. RERA’s proactive stance underscores its commitment to safeguarding the rights of all stakeholders in the property market.