The Importance of Providing Uniform Data Across All Stakeholders
Author: CA Vinay Thyagaraja, Senior Partner – Venu & Vinay Chartered Accountants.
Introduction:
Why Uniform Data Matters
Digitalisation and Transparency
With rapid digitalisation and the use of technologies, the real estate industry has new opportunities to automate reporting and improve data accuracy. Many RERA authorities (like MahaRERA, UP-RERA, and Karnataka RERA) have launched online dashboards where project data, quarterly updates, and financial details are available to the public.
Uniform and verified digital data helps:
- Prevent misuse of project funds
- Improve lenders’ and investors’ confidence
- ble buyers to make informed decisions, and
- Support government agencies in policy and taxation.
Key Stakeholders Who Rely on Consistent Data
1.
Developers and Management – need accurate data to track costs, sales, and project progress.
2.
3.
4.
Homebuyers – assess builder credibility and project status before purchase.
5.
Common Gaps Found
Experience shows that data shared with different agencies often varies — such as project cost, sales figures, completion percentage, or receivables. These mismatches can raise red flags during audits or regulatory reviews. Promoters are therefore advised to maintain reconciliation statements to justify differences and avoid penalties.
Promoters’ Responsibility under RERA
Promoters must file uniform data across:
- Project plans, approvals, and costs,
- Sales and booking details,
- Funds received and utilized,
- Quarterly progress updates,
- Certificates from professionals (CA, Engineer, Architect), and
- Details of litigations or modifications.
With circulars in the past mandating professional certificates for every bank withdrawal, regulatory scrutiny has intensified — and digital trails make inconsistencies easily traceable.
Conclusion
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