BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has updated the quarterly progress report (QPR) format for real estate projects, correcting issues in the financial status pro forma that promoters must submit for registered projects.
In an announcement made on Wednesday, ORERA noted that it identified certain errors in Pro forma-II(B), which pertains to the project’s financial status and requires certification by a chartered accountant. The authority has since rectified this form and advised updates to the corresponding section of ORERA 2.0.
This latest directive follows an earlier modification made by ORERA on April 22, which altered the QPR format and permitted offline registered project promoters to submit hard copy reports, while online registered projects were instructed to file their reports via the ORERA portal.
According to the updated order, the revised QPR formats—Pro forma-I, Pro forma-II(A), and the corrected Pro forma-II(B)—will be effective from the quarter ending June 2026 onward. Promoters of offline registered projects will submit hard copy versions, while online project promoters will use the ORERA portal.
The updated format now requires promoters to detail funds collected from allottees, transfers to the RERA 70% account, withdrawals from that account, and balances carried forward from the previous quarter, alongside incurred expenditures and available funds in hand.
Notably, the main change in Pro forma-II(B) allows for a clearer distinction between expenditures from the promoter’s own funds and loans from financial institutions. The order states, “Total expenditure will be calculated based on withdrawals, own sources, and loans from financial institutions.”
Officials anticipate that these revisions will enhance the clarity of financial disclosures in QPRs, reducing ambiguity in how project funds are tracked. QPRs play a critical role in the real estate regulatory framework by monitoring both the physical and financial progression of registered projects, providing essential updates to homebuyers.
“Odisha RERA needs to enforce the QPR more stringently. There are reports of builders providing misleading information that confuses both regulators and buyers. A comprehensive and clear QPR is essential for public understanding,” remarked real estate expert Bimalendu Pradhan.
