 "Construction, building, real estate")
Uttar Pradesh real estate regulator UP RERA has issued a 15-day ultimatum to promoters of group housing projects to update quarterly progress reports of their projects on its website.
UP RERA Chairman Sanjay Bhoosreddy said a number of promoters fail to file QPRs (quarterly progress reports) of their projects on time and "some of them have filed the subsequent QPRs without filing the pending QPRs".
Not updating quarterly progress reports of projects amounts to violation of the relevant provisions of the RERA Act, Bhoosreddy said in a set of directions issued to promoters on Thursday.
"Therefore, it has been decided to allow the promoters to file the pending QPRs of their projects as well as the QPR of October to December, 2023 quarter by 15th January, 2024," the order said.
As per norms, QPRs are required to be filed within 15 days of the closure of the given quarter. Accordingly, UP RERA has modified the facility on its web portal and from now onwards, promoters will be able to file the current quarterly report only after the submission of all pending QPRs as well as the late fees, it said.
The move is intended to ensure compliance by promoters and increase transparency in the sector, which will also enhance trust between promoters and homebuyers, the order said.
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