RERA Quarterly Updates and Project Audit – Mandatory Reporting for Registered Projects

Q: What quarterly updates are required under RERA?

Section 11(1) requires quarterly portal updates covering construction status, bookings, collections, escrow deposits and withdrawals, and revised timelines — filed within state-prescribed deadlines each quarter.

Q: What is the annual audit requirement for RERA projects?

Annual project accounts, audited by a CA, covering project income and expenditure, escrow balance, and certification of project-use of escrow withdrawals. Typically due within six months of financial year end.

Q: What happens if a promoter misses a RERA quarterly update?

Section 61 penalties of up to 5% of estimated project cost per violation. The project is flagged on the public portal, creating reputational and commercial risk with buyers and lenders.

Q: Who certifies the escrow withdrawals under RERA?

An engineer, an architect, and a CA appointed by the promoter must jointly certify that withdrawal amounts match the percentage of physical project completion.

Q: Does the quarterly update require a Chartered Accountant?

Most states require CA certification for escrow statements and annual audits, and some require it for financial components of quarterly updates. Physical progress is certified by the project engineer and architect.

Timely Quarterly Progress Reports and Annual CA-Certified Audit Filings for RERA-Registered Real Estate Projects

Every RERA-registered project carries ongoing quarterly reporting and annual audit obligations under Section 11 of the Act. The promoter is required to update the state RERA portal every quarter with current construction progress, number of bookings, amounts collected from allottees, amounts deposited in and withdrawn from the 70% escrow account, and updated project completion timelines. Failure to file quarterly updates can result in notices from the state RERA authority, penalties, and flagging of the project on the public portal — creating significant buyer-facing reputational risk.

In addition to quarterly updates, RERA-registered projects are required to file annual audited financial statements certified by a Chartered Accountant covering project-specific accounts and escrow account reconciliation. Our quarterly update and audit filing service ensures that developer clients remain in full regulatory compliance between initial registration and project completion or extension.

Our RERA Quarterly Update and Audit Services

Q1 Quarterly Progress Update

Preparation and submission of the Q1 (April–June) quarterly project update — construction status, bookings, collections, and escrow position — on the state RERA portal before the statutory deadline.

Q2 Quarterly Progress Update

Q2 (July–September) quarterly update filing — documenting construction milestone progress, allottee additions, payment collections, and escrow withdrawals with supporting CA or architect certification.

Q3 Quarterly Progress Update

Q3 (October–December) quarterly update — including cumulative financial and physical progress reporting with reconciliation against the project's registered completion schedule.

Q4 and Annual Audit Filing

Q4 (January–March) quarterly update and mandatory annual project audit filing — CA-certified annual accounts, escrow reconciliation, and project completion percentage certification.

Escrow Compliance Monitoring

Continuous monitoring of the 70% escrow account balance, withdrawal calculations based on certified completion percentage, and advisory on appropriate withdrawal requests to avoid escrow non-compliance.

CA Certificate and Audit Report

Coordination with the statutory auditor for timely completion of the RERA annual audit report, CA certification of escrow withdrawals, and engineer/architect certification of physical progress for portal upload.

Why Timely RERA Quarterly Updates Are Critical

Mandatory under Section 11 — failure to update the RERA portal quarterly can result in notices, penalties, and portal de-listing of the project
Buyers and prospective buyers monitor the RERA portal — up-to-date quarterly reports demonstrate developer transparency and project progress
Timely escrow documentation enables authorised withdrawals — delayed CA certification can block escrow access and create construction fund shortfalls
Quarterly reports create a contemporaneous record of project progress — critical evidence in any delay-related RERA complaint or litigation
Annual audit filing demonstrates financial discipline and protects the promoter from allegations of fund diversion
Regular reporting to the RERA portal maintains the project's active registration status — lapsed or non-compliant registrations can be revoked by the state authority

Frequently Asked Questions

What quarterly updates are required under RERA?

Under Section 11(1) of the RERA Act, every promoter of a registered project must update the state RERA portal at the end of each quarter (within the dates prescribed by the state RERA authority) with: current construction status and percentage completion; number of apartments booked and sold; amounts collected from allottees in the quarter and cumulative; amounts deposited into and withdrawn from the 70% escrow account; and the project's revised completion timeline (if any change from the registered schedule).

What is the annual audit requirement for RERA projects?

RERA rules in most states require the promoter to file annual project accounts, audited by a Chartered Accountant, with the state RERA authority. The audit covers project-specific income and expenditure, the 70% escrow account balance and all withdrawals, and certification that escrow withdrawals have been used only for project-related expenses. The CA audit report must be uploaded on the RERA portal by the date specified in the state RERA rules — typically within six months of the financial year end.

What happens if a promoter misses a RERA quarterly update?

Missing a quarterly update or filing it late is a violation of Section 11 and exposes the promoter to notices and penalties from the state RERA authority under Section 61 — up to 5% of the project's estimated cost for each violation. More immediately, an overdue quarterly update flags the project on the public RERA portal, which is visible to buyers, banks, and channel partners — creating reputational and commercial risk. Our service ensures all deadlines are calendared and met.

Who certifies the escrow withdrawals under RERA?

Under Section 4(2)(l), withdrawals from the 70% project escrow account must be certified by an engineer, an architect, and a Chartered Accountant appointed by the promoter. The certificate must confirm that the withdrawal amount is commensurate with the percentage of physical completion of the project. The certifications are uploaded on the RERA portal as supporting documents for the withdrawal and for the quarterly update.

Does the quarterly update require a Chartered Accountant?

Most states require CA certification for escrow account statements and for annual audits. Some states also require CA certification for the financial components of quarterly updates — specifically for amounts collected, deposited in escrow, and withdrawn. Physical progress certification is typically provided by the project engineer and architect. Our team coordinates all certifications with the relevant professionals to ensure accurate and complete quarterly submissions.

Stay Compliant with RERA Quarterly Reporting

Timely quarterly update filing and annual audit coordination for all RERA-registered projects.