Gujarat Real Estate Regulatory in Gandhinagar has issued notice to 13 builders in Rajkot for default in filing the annual return (Form 5). The Real Estate (Regulation and Development) Act 2016 mandates promoters to open an exclusive bank account for each project. The promoters have to submit an audited account of the project certified by a chartered accountant, Form 5 as it is called, before October 31 of the next year.
“We value the sentiments of builders. The authority had sent email reminders to the promoters who failed to file Form 5. Now show-cause notices were also served.” said a RERA officier.
In Ahmedabad, nine builder groups were given show cause notice, while 11 builders in Gandhinagar were issued such notices. Some of the developers include Harikrishna developers, Aarth developers, Balaji developers, Shreeji developers, Sparsh Infrastructure, Aakar Land Developers, Vasudev Developers and others.
Builders in Rajkot
| Sr No | Project name | Promoter name |
| 1 | Ishvar Heights | Ishvar Developers |
| 2 | Om Apartment | Om Developers |
| 3 | Om Apartment | Shardaben Faldu |
| 4 | Infinity House | Dhiren Dhorda |
| 5 | Shivalay | Shivalay Buildcon |
| 6 | A-One Heights | Dhiren Dhorda |
| 7 | Kalpataru | Marigold Realties |
| 8 | Shivam Heights | Mayur Pipalava |
| 9 | Vardhaman Villa | Shreeji Developers |
| 10 | Hari Krushna Villa | Sumitaben Khatariya |
| 11 | Shreenathji Avenue | Manojbhai Kadia and others |
| 12 | Rudra Avenue-1 | Shivradha Developers |
| 13 | Aangan Heights, Aangan Bungalows | Jay Yogeshwar Enterprise |
As per the law, promoters are bound to upload the annual Form 5 and also, quarterly updates on the progress of work on the website. The quarterly progress report is to help the customer know the status of the project in which he has invested. This applies to all projects, apartments, villas, plot development and commercial units, registered with the RERA.
The law also stipulates the promoter uploads publicity materials like brochures, prospectus and media advertisements on the project as and when they are released. All the uploaded documents are accessible to all.
Know more about RERA’s Form 5 submissions here: https://gujrera.gujarat.gov.in/resources/staticpage/Form_5_SOP.pdf
