Transparency push in real estate: CG-RERA launches Voluntary Compliance Scheme

Chhattisgarh Real Estate Regulatory Authority (CG-RERA) has implemented the Voluntary Compliance Scheme to promote transparency and accountability in the real estate sector. This scheme will be effective till September 2025. Under this scheme, all the projects registered till March 31, 2024 have been provided the facility to submit pending quarterly progress reports and annual audit reports simultaneously. There will be a discount of up to 70 percent in late fees on submission of pending reports. At the same time, projects which have valid completion certificates will be given up to 90 percent discount.

CG-RERA has clarified that the objective of this scheme is to encourage promoters to follow the rules, so that transparency and consumer confidence can be strengthened in the real estate sector. The authority has appealed to all the promoters to ensure compliance during the scheme period and submit their reports within the stipulated time limit.