Odisha RERA Promoter Compliance: Quarterly QPR Filings & Form 3 CA Escrow Certification

Under the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Odisha Real Estate (Regulation and Development) Rules, 2017, real estate promoters developing plotted layouts, apartment complexes, and commercial centres in Bhubaneswar, Cuttack, Sambalpur, and Kalahandi are bound by strict statutory financial disciplines.

1. The 70% Separate Escrow Account Mandate (Section 4(2)(l)(D))

Section 4(2)(l)(D) of RERA requires that 70% of all amounts realized from allottees must be deposited in a separate dedicated bank account in a scheduled commercial bank to cover the cost of construction and land cost, and shall be used only for that purpose.

The Three Mandatory Professional Certificates for Fund Withdrawal

Promoters cannot withdraw money from the 70% account without submitting three concurrent certificates to the bank:

1. Architect Certificate (Form 1): Certifying physical percentage completion of structural work.
2. Engineer Certificate (Form 2): Certifying construction quality and estimated balance cost.
3. Chartered Accountant Certificate (Form 3): Certifying total funds collected, eligible land cost incurred, actual construction expenditure verified against books of accounts, and maximum allowable withdrawal amount calculated in proportion to percentage completion.

2. Quarterly Progress Report (QPR) Compliance Checklist

Promoters must upload QPR updates to the ORERA web portal within 15 days of the end of each quarter:

• Number of booked apartments/plots and booked garages.
• Status of construction of each building/wing with geo-tagged high-resolution site photographs.
• Status of civic infrastructure (roads, water supply, sewage treatment, electrical substation).
• Form 1, Form 2, and Form 3 certificates for the quarter.
• Bank statement of the 70% RERA separate account showing transactions.

3. Annual RERA Statutory Audit (Form 5)

Within 6 months from the close of the financial year (on or before 30th September), every registered promoter must have the project accounts audited by a practicing Chartered Accountant other than the one issuing quarterly Form 3 certificates:

• The auditor issues Form 5, certifying that deposits were properly credited, withdrawals complied with percentage of completion norms, and no funds were diverted to other sister projects.

For RERA project registration, quarterly CA certification, and statutory Form 5 audits across Chhattisgarh and Odisha, consult Rabi Agrawal & Associates.