This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

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However, despite issuing these warrants, police have yet to act, prompting H-RERA to approach the Punjab and Haryana High Court for intervention. The regulator has also initiated contempt of court proceedings against the police in three cases due to their inaction.

Rajender Kumar, H-RERA’s adjudicating officer, stated that the arrest warrants were issued between February and September after developers repeatedly ignored directives.

“The lack of police enforcement has only aggravated the distress of homebuyers,” said Kumar. “We have referred the matter to the High Court, yet the police have not taken action. Thousands of homebuyers continue to suffer as a result.”

When questioned about the situation, DCP Headquarters Arpit Jain told TOI, “As of now, we have not received any such notice from the court. If we receive an order, we will act as per the directions of the honorable court.”

Ritika Singh, a homebuyer who has been waiting for her flat for over five years, expressed her frustration with the redressal system. Despite the government’s appointment of a regulator, she feels it is failing homebuyers.

“I invested all my savings in this flat, but the builder has delayed possession multiple times. H-RERA ordered compensation, but I haven’t received a single rupee,” she lamented.

Similarly, Ajay Mehra, another homebuyer, shared that he was supposed to move into his apartment in 2018. “It’s 2024, and I’m still waiting. I’ve lost trust in the process. We’ve done everything we could, but the developers keep evading accountability,” he said.

Ankit Sharma, another buyer impacted by the delays, voiced his disappointment: “We expect the law to protect us, but when even a government authority takes action and it’s still not enough, what’s the point?”

H-RERA officials hope that moving the matter to the High Court will create a renewed sense of urgency, pushing developers to comply.

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