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RERA fee structure for promoters in Uttar Pradesh !

RERA fee structure for promoters in Uttar Pradesh !
  • General
  • Thursday 17th August 2017
  • Author: Yash Verma

Highlights

  • Uttar Pradesh however late, but managed to be on track just before the deadline appeared.

  • The deadline for registrations of promoters was extended to 15th August, 2017 by the state due to the delays in notifying the rules.

  • Promoters have been stopped from advertising their projects ever since RERA existence, as they are required to obtain their RERA certificates for authentication by the Authorities first.

Real Estate (Regulation and Development) Act, widely known as RERA, has taken the whole real estate industry by storm, and is still a fresh issue. Since most of the states seem least interested in completing the implementations of the RERA Act, Uttar Pradesh however late, but managed to be on track just before the deadline appeared. The UP RERA online portal, began operations on 26 th July, notably just five days before the Central’s deadline of 31 st , July 2017.
The fee for registrations of promoters has been set by the
UP RERA according to the category of project. According to the rules notified by the State Cabinet of UP, the fee format of promoters is as follows –
The promoter shall pay by way of a demand draft at the time of application drawn on any nationalized or scheduled bank, a sum calculated at the rate of :
 Rs 20 per sq.m for commercial projects where the area of land proposed to be developed does not exceed a thousand sq.m and Rs 1,000 for every 100 sq.m or part thereof where the area of land proposed to be developed exceeds 1,000 sq.m.
 Rs 10 per sq.m for residential or any other projects where the area of land proposed to be developed does not exceed a thousand sq.m and Rs 500 for every 100 sq.m or part thereof where the area of land proposed to be developed exceeds 1,000 sq.m.
The deadline for registrations of promoters was extended to 15th August, 2017 by the state due to the delays in notifying the rules as well as launching portal. Following the deadline, fines will be imposed on all the projects in different slabs, such as, registrations done in the following time period will attract respective penalties :
 From 16 th August – 31 st August = 1% of the project
 From 1 st September – 15 th September = 5% of the project
 From 16 th September – 30 th September = 10% of the project
Promoters have been stopped from advertising their projects ever since RERA’s existence, as they are required to obtain their RERA certificates for authentication by the Authorities first.
The certificates will be valid for a period of next five years, following which a renewal will be required.

The UP RERA website has faced backlash initially and also had issues over the time, it still remains unclear as to how the fines will be imposed on the defaulters, while the extended deadline has come to an end.

TAGS: UP RERARERA ActReal Estate (Regulation and Development)



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