Monday, July 22, 2024

UP-Rera Issues Ultimatum to Developers: Submit Progress Reports in 15 Days or Face Penalties

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has issued a stern directive to developers, instructing them to submit their quarterly progress reports (QPR) within the next 15 days or face consequences. During a review of project progress, Sanjay Bhoosreddy, Chairman of UP-Rera, noted that several promoters were not adhering to the mandated timelines for filing QPRs. Some developers were found to be submitting subsequent QPRs without addressing pending ones, violating UP-Rera requirements and the provisions of the RERA Act.

Chairman Bhoosreddy ordered promoters to submit pending QPRs (up to October) and the QPR for October to December 2023 by January 15, 2024. Failure to comply will result in penalties being imposed on the respective projects. RERA rules stipulate that promoters of ongoing real estate projects must file quarterly progress reports on the regulatory authority’s portal within 15 days after the quarter ends, providing investors and homebuyers with timely online updates.

Bhoosreddy emphasized that going forward, promoters can only submit current QPRs, including the one for the quarter ending December 31, 2023, after addressing any pending QPRs (specifically before December or October QPR) and paying the applicable late fees.

In response to the directive, the Confederation of Real Estate Developers Association of India (CREDAI) has requested an extension of the deadline, citing the time-consuming process of obtaining certificates from multiple departments and uploading them. CREDAI, through a letter, urged UP-Rera to grant a minimum of two months for filing QPRs on its portal for ongoing projects.

Dinesh Gupta, Secretary of CREDAI’s Western UP chapter, also requested UP-Rera to refrain from imposing penalties for delays in uploading QPRs, taking into consideration the challenges developers face in obtaining required certificates within the stipulated 15-day timeframe.

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