K-RERA issues notice to 222 projects

The Kerala Real Estate Regulatory Authority has issued show-cause notices to 222 projects for not submitting their quarterly progress report.

K-RERA said here on Thursday that its quarterly progress report was part of the transparency process in the industry over which the customers had a right.

The quarterly progress reports were to be submitted online. The time for submitting the second quarterly report this financial year ended on October 7. There were 617 real estate projects in progress across the State. Of these, 395 projects had submitted their reports, the real estate authority said.

The quarterly reports were being insisted upon by the regulatory authority to ensure transparency in dealings between the project builder and customers.

The Kerala Real Estate Regulatory Authority was established under the Real Estate (Regulation and Development) Act, 2016 to promote greater accountability in the industry and provide value through regulatory compliance. The authority aims to foster a healthy and competitive real estate sector while promoting good conduct to boost public confidence.