Noida: 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”.
Read More: TARC to invest Rs 1200 cr in ultra luxury residential project in New Delhi, eyes Rs 4000 cr topline
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.
Read More: 2023 sees highest ever housing project completions in Maharashtra in six years
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.
Read More: Government Plans To Sell Enemy Property Shares In 84 Companies: Report
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.