Real estate transactions have become transparent and mutually helped the project owners and buyers. On the one hand, the builder or project owner does not have to be worried about the penalties or compensation while the interest of buyers is protected. This in turn becomes possible when the real estate project has been approved by RERA. However, the RERA filing process needs to be addressed through the utmost expertise and per the compliance terms. This is precisely where the top RERA consultants come into the picture to navigate the complexities of RERA.
Besides, the challenges faced in the documentation for obtaining RERA approval or addressing all the requisites need to be systematically aligned. Among all the aspects of RERA approval, the Detailed Project Report (DPR) also proves to be significant. Before actually highlighting the common mistakes made by developers in DPR submission process, it will be essential to understand the connotation of DPR.
Understanding DPR and its relevance in the RERA approval procedure
A DPR is a blueprint of the project that offers insights to buyers, related to the short-term & long term real estate goals. In addition, this comprehensive document covers all the financial, technical, managerial, and economic details related to the project. Based on all the aspects covered in the Detailed Project Report or DPR, investors can take an informed decision. The professional DPR submission helps stakeholders in uncovering the viability and sustainability of the project. To cut it short, DPR is a roadmap of the project’s lifecycle that presents details related to the planning, monitoring, execution and completion.
Let us consider a few use cases of DPR to understand its importance in the RERA approval process –
Maintaining transparency & accountability in real estate project updates
From documenting the cost of project, sharing the completion timeline, mentioning the accurate project details, and adding details related to the scope of the project to the allocation of resources, the DPR submission is aimed at retaining transparency & accountability in the real estate segment.
Comprehensive project management
DPRs are beneficial to address tracking progress, monitoring costs, and resolving the major issues in the real-time project management and execution.
Regulatory compliance
To abide by the regulatory compliance terms, DPRs have to be correctly filed according to the updated guidelines of RERA. This aspect is also essential for obtaining No Objection certification according to the project.
Funding & investment
The DPR submission justifies the viability of projects and also defines the scope of potential returns. Based on these real-time details, the decision-making towards secured investment becomes easier.
Mistakes to avoid during DPR submission
Most of the time, developers overlook crucial project details to be mentioned in DPR. These details may range from task status updates, incomplete project information, poorly drafted reports, and missing task details, to neglecting the potential issues. Let’s dive in further to understand the common issues that developers should avoid during DPR submission:
Overlooking project timelines or deadlines
When the developers fail to update the project progress report or share timelines as required, the project completion may get delayed.
Missing the insights of previous project roadblocks
When the details of insights from the previous record are not shared, the potential issues can become recurring in the future.
Submission of unstructured DPRs
It becomes tough to read and analyze the unstructured DPR. Whether it is complex formatting of the DPR, inconsistent reporting practices, or insufficient data points, these common mistakes of developers can lead to delays in the project execution.
Incomplete project details
When the details related to the project in terms of completion, and real-time status are missing, this may lead to delayed progress tracking.
Not using the advanced tools for project management
If the developers fail to use project management tools, it can become tough to streamline reporting and track progress. As a result, inefficient workflows may be witnessed during the project management.
Find a sure-shot solution at V3 Infrasol – Avail professional DPR submission services
At V3 Infrasol, we take pride in addressing the comprehensive RERA approval process through comprehensive project management services. To make the real estate project RERA compliant, we remove the red flags related to non-compliance and the other common roadblocks related to the project documentation, management, and execution. In terms of DPR submission, we offer end-to-end solutions to our clients while complying with the updated RERA guidelines.
