Compliances for Promoters in Gujarat RERA: An Overview

Once a project is registered on the Gujarat RERA portal, promoters must adhere to a set of compliance requirements to ensure transparency, accountability, and the smooth functioning of the project. These requirements vary based on the project phase and include quarterly returns, financial audits, and project completion documentation. Below is a detailed look at the key compliance obligations for promoters:

1. Quarterly Returns Filing (FORM 8)

Previously, promoters were required to obtain certifications under FORM 1, 2, and 3, signed by professionals such as Architects, Engineers, and Chartered Accountants. However, from October 2024 onward, the RERA authority has simplified this process. Promoters are now required to self-certify the details related to FORM 1, 2, and 3 through FORM 8, eliminating the need for professional certifications.

• Filing Deadline: Returns must be filed within 7 days after the end of each quarter. For example, for the October-December 2024 quarter, the filing deadline is January 7, 2025.
• Filing Fee: Rs. 2000 per filing.
• Penalties: Delays in filing may incur penalties ranging from Rs. 400/day to Rs. 1000/day, based on the project’s value.

2. Withdrawal of Funds from RERA Bank Account

For any withdrawal from the RERA designated bank account, the promoter must obtain certifications from the relevant professionals:

• FORM 1 (Architect)
• FORM 2 (Engineer)
• FORM 3 (Chartered Accountant)

These professionals will certify the work completion and the expenses incurred and paid to ensure the funds are being used appropriately.

3. Annual Compliance and Audit

Promoters are required to undergo an annual audit of their accounts by a practicing Chartered Accountant. This audit must be completed within six months after the conclusion of the financial year.

• Required Submission: A statement of accounts under FORM 5, duly certified by a Chartered Accountant, must be submitted digitally.

4. Project End Compliance (QE Compliance)

At the completion of a project, also known as QE compliance, the promoter must submit several critical documents to RERA, including but not limited to:

• Building Use Certificate (with date and number) for all blocks
• Photographs of all blocks
• Fire NOC (No Objection Certificate)
• Lift NOC (License to Use)
• Other Relevant NOCs required for the project
• FORM 4/4A Certification from the Architect
• Affidavit cum Declaration regarding the transfer of common amenities
• Latest Revenue Record (7A or Property Card)
• Society Registration Certificate with the number and date

These documents ensure that the project has met all the necessary legal and regulatory requirements for completion and occupancy.

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By adhering to these compliance requirements, promoters ensure the smooth execution of their projects, avoid penalties, and maintain the integrity of their operations in line with Gujarat RERA regulations.