According to Thiruvananthapuram, up to 180 projects registered with the Kerala Real Estate Regulatory Authority (K-RERA) must provide the authority with annual accounts. However, customers' worries about the developers' laziness prompted the authority to issue show-cause notices to the wrongdoing promoters.
Promoters are required under the Real Estate (Regulation and Development) Act 2016 to open a separate bank account for each project. In addition, before October 31 of the following year, the promoters must submit Form 5, an audited statement of the undertaking certified by a chartered accountant. Out of the 520 active projects, only 340 have satisfied this requirement.
"People cherish our consumers' opinions." The promoters who should have submitted Form 5 had received emails from the government as reminders. Notices to appear have now been delivered. P. H. Kurian, chairman of K-RERA, warned those who disregarded it that they would be subject to punishment under Section 61 of the RERA Act 2016. Penalties might be up to 5% of the project's total cost.
Promoters are required by law to post quarterly updates on the status of the work on the annual Form 5 website. The purpose of the quarterly progress report is to let the client know how his investment in the project is progressing. All projects, apartments, villas, land developments, and commercial units registered with K-RERA are subject to this. The law also mandates that the project's promoter post publicity materials, such as brochures, prospectuses, and media advertisements, as soon as they are made available. Everyone has access to every document that has been uploaded.
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