* Quarterly progress report key element of transparency
The Real Estate Regulatory Authority (K-RERA) has issued show cause notices to 101 real estate projects that have not submitted their third quarter progress report online. The last date for submission of third quarter progress was January 7, 2024. Even after that, there are 101 projects where no progress has been submitted. A total of 547 projects were required to submit quarterly progress reports. Out of these, quarterly progress of 446 projects has been submitted on the K-Rera portal. K-RERA notices have been sent to 101 defaulted projects.
In the previous quarter, 64 percent of the projects submitted their reports on time, while this time, 82 percent of the projects submitted their reports before the deadline. Quarterly progress report under the K-RERA Act is an important factor in ensuring transparency between consumers and promoters. Getting quarterly progress reports through the K-Rera website is also the right of those intending to purchase units from real estate projects.
