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Thursday, July 25, 2024

UPRERA Penalizes 1,000+ Projects for QPR Non-Compliance

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has taken punitive action against more than a thousand real estate projects for their failure to submit Quarterly Progress Reports (QPRs) accurately. The UPRERA has directed project promoters to rectify this issue by uploading the latest QPRs on the portal to qualify for an extension of project registration.

The UPRERA has reported that penalties have been imposed on promoters of 1,088 projects due to violations related to QPRs. Among these, 732 projects’ promoters have neglected to furnish any information regarding their project targets and completion dates, while the developers of 356 projects have failed to update their target details on the UPRERA’s portal.

The affected projects are spread across various locations, including Gautam Budh Nagar, Ghaziabad, Lucknow, Meerut, Varanasi, Agra, and more. These penalized projects encompass a wide range of property types, including residential, commercial, and plotted developments.

The UPRERA clarified that the absence of set or updated targets contradicts the RERA Act’s provisions. Consequently, the Authority has imposed a penalty of Rs 2 lakh per project on the 732 projects that did not provide any target information and Rs 1 lakh per project on the other 356 projects that did not upload their target details on the portal. This action was taken by the Authority in a statement issued on November 8.

According to the UPRERA, consistently uploading QPRs on the portal is a critical responsibility for project promoters. This practice allows consumers in the real estate sector to track the project’s progress at regular intervals. During the review of applications for extending registered projects, the regulatory authority observed that many promoters had failed to upload QPRs for several quarters.

The UPRERA has mandated that only after all QPRs are updated on the portal will promoters be eligible for an extension of their project’s registration. Projects that have obtained a Completion Certificate (CC) must pay delay charges and continue to update QPRs until they secure the CC.

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