Bhubaneswar: In one of its strongest enforcement actions yet, the Odisha Real Estate Regulatory Authority (ORERA) has frozen the bank accounts of 28 promoters for failing to submit mandatory Quarterly Progress Reports (QPRs), signalling a tougher regulatory stance against non-compliance in the real estate sector. The action was taken through a series of orders passed in Aug in separate compliance proceedings against defaulting promoters.The move comes at a time when the authority has been placing greater emphasis on timely and accurate disclosure of project information. Over the past few months, ORERA has revised the QPR format and strengthened financial reporting requirements to improve transparency and enable better monitoring of registered projects.QPRs are among the most important compliance requirements under the real estate regulatory framework. Filed every quarter by promoters online, the reports provide details on the physical progress of construction, status of approvals, financial position of projects and utilisation of funds collected from homebuyers. The information is used by both ORERA and prospective buyers to assess whether projects are progressing as promised.Officials said the latest action was aimed at ensuring greater accountability among promoters and safeguarding the interests of homebuyers.“QPR filing is an essential compliance requirement to ensure transparency. This would enable a homebuyer to keep a check on progress of work of the project where they have made a purchase. It also enables ORERA to monitor proper utilization of funds and to ensure that the money collected from buyers is substantially utilized in the project. That is why ORERA is ensuring that all developers file QPR as mandated as per RERA Act. Non- compliance will be strictly dealt with,” ORERA Chairman Asit Mohapatra told TOI.Industry observers believe that the crackdown will send a strong message across the real estate sector. They said freezing of bank accounts is a significant deterrent as it directly impacts a promoter’s financial operations and highlights the seriousness of regulatory compliance.Real estate expert Bimalendu Pradhan said the authority’s action was in line with its efforts to make disclosures more meaningful and reliable. “QPRs are the primary source of information available to buyers regarding the progress of a project. ORERA has already refined the reporting formats to capture financial and construction-related details more accurately. Strict enforcement is necessary to ensure that promoters provide timely and correct information. The authority should continue to deal with matters with such seriousness. They are supposed to safeguard the homebuyers,” he added.
