Promoters are advised by the UP Real Estate Authority to provide current status reports within 15 days.

By Bricksnwall | 2024-01-13

Promoters are advised by the UP Real Estate Authority to provide current status reports within 15 days.

In the normal course, QPRs must be submitted no later than 15 days following the end of the relevant quarter.

The Uttar Pradesh Real Estate Regulatory Authority (RERA) has issued directives to the promoters of all registered projects to post up-to-date quarterly progress reports (QPRs) of their projects, including the backlogs, on its website within 15 days.

The Chairman of UP Rera, Sanjay Bhoosreddy, stated that many promoters are not submitting their QPRs on time, and some have submitted their subsequent QPRs without submitting their outstanding QPRs.

"This contravenes the Rera regulations and amounts to a transgression of the pertinent Rera Act provisions and UP Rera's directives to the relevant promoters," stated Bhoosreddy.

He went on to say that it has been decided to let the promoters submit their projects' outstanding QPRs by January 15, 2024, along with the QPR for the October?December 2023 quarter.

In the normal course, QPRs must be submitted no later than 15 days following the end of the relevant quarter. As a result, UP Rera changed the way that QPRs can now be filed on the website. Going forward, promoters will only be able to file current QPRs?including the one for the quarter ending December 31, 2023?after filing any outstanding QPRs and paying the associated late fees.

According to officials, the goal of these guidelines is to guarantee that promoters fulfill their responsibilities and to increase industry openness, which will strengthen the relationship of trust between promoters and home purchasers.