Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) has revised the quarterly progress report (QPR) format for real estate projects once again, this time rectifying errors in the financial status pro forma that promoters are required to submit for registered projects.In an order issued on Wednesday, ORERA said certain inadvertent errors came to its notice in Pro forma-II(B), which deals with the financial status of a project and is to be certified by a chartered accountant. The authority has now rectified the pro forma and directed necessary changes in the corresponding module of ORERA 2.0.The latest order comes barely over two months after ORERA, through an order on April 22, modified the QPR format for real estate projects. The earlier order revised pro formas and allowed promoters of offline registered projects to submit QPRs in hard copy, while online registered projects were asked to file the reports through the ORERA portal.As per the fresh order, the revised QPR formats — Pro forma-I, Pro forma-II(A) and the rectified Pro forma-II(B) — will continue to remain in force from the quarter ending June 2026 onwards. Promoters of offline registered projects will submit the reports in hard copy, while promoters of online registered projects will submit them through the ORERA portal.The rectified format now requires promoters to provide clearer details of funds collected from allottees, funds transferred to the RERA 70% account, funds withdrawn from that account, brought-forward balance from the previous quarter, expenditure incurred, funds available in the RERA account and funds available in hand out of withdrawn funds.The key change is in Pro forma-II(B). The revised format separately captures expenditure from the promoter’s own sources and the loans from financial institutions. “The total expenditure will be calculated on the basis of expenditure from withdrawn funds, own sources and financial institution loans,” the order reads.Officials said that the change is expected to make financial disclosures in QPRs more structured and reduce ambiguity in tracking project funds. QPRs are a key compliance tool under the real estate regulatory framework as they help monitor the physical and financial progress of registered projects and provide updated information to homebuyers.“Odisha RERA needs to be stricter in implementation of the QPR. Many builders are reportedly putting wrong information to mislead both the regulator and the buyers. QPR must be comprehensive and clear for better understanding of common people,” real estate expert Bimalendu Pradhan said.
