Quarterly Compliances in UPRERA

Quarterly Compliances in UPRERA
  • General
  • Tuesday 4th August 2020
  • Author: Riya Kapoor

Highlights

  • Real Estate (Regulatory and Development) Act, 2016 is an Act of Parliament of India which seeks to protect homebuyers as well as help to boost investments in the real estate sector.

  • The Developer has to update the details of the registration granted by the UP RERA for the prospective project;

  • As per Section 61 of the Uttar Pradesh Real Estate (Regulation and Development) Act, 2016, if any promoter provides false information or contravenes the provisions of Quarterly compliance, he shall be liable to a penalty which may extend up to (05) five per cent of the estimated cost of the real estate project, as determined by the Authority.

Real Estate (Regulatory and Development) Act, 2016 is an Act of Parliament of India which seeks to protect homebuyers as well as help to boost investments in the real estate sector. The Act came into force from 1st May 2016. Further, all the States adopted this Act completely except some of them and prepared a roadmap of rules and regulations for the real estate industry. 

 

The Real Estate industry has always been the most affected one in every corner of the country, sometimes due to natural calamities, due to unforeseen circumstances, due to some technical issues, due to some regulatory provisions, due to some builder’s false practices, etc., so is the case in Uttar Pradesh as well. This area is much affected by all those points mentioned above, but the Government is not ready to drop the central idea of making this act to help and protect the rights and interests of homebuyers. With the successful implementation of the Act in the Central law, all the States invited to implement the Act in their State with adding to the chariot of RERA some or the other kind of rules and regulations or maybe in some modified version.

 

COMPLIANCES UNDER UP-RERA, 2016;

 

Under the Uttar Pradesh Real Estate (Regulation and Development) Act, 2016, the Uttar Pradesh Real Estate (Regulation and Development) Rules, 2016 effective from 27/10/2016 and Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019  effective from 27/02/2019 were enacted with Quarterly Compliances to be complied by the Builder/Developer under UP RERA, to ensure and eradicate the unforeseen circumstances by making the project and themselves as a compliant entity under the Act;

 

The Developer is required to upload the following updates Quarterly on the webpage for the project, as mentioned under the above-mentioned Rules & Regulations within (07) seven days from the expiry of each quarter as mentioned in Chapter IV of the Uttar Pradesh Real Estate (Regulation and Development) Rules, 2016;

 

The Developer has to update the details of the registration granted by the UP RERA for the prospective project;

(a) Construction of each building with photographs proof;

(b) Construction of each floor with photographs proof;

(c) Construction of internal infrastructure and common areas with photographs proof.

  • A list of the total number and types of plots/apartments/property, as the case may be booked in the project;
  • List of the number of garages/closed parking booked in the project;
  • The developer has to update the status of the project for the following areas:
  • The developer has to update the status of the project for the following:

(a) Approval received from the Authority;

(b) Approvals applied to authority and expected date of receipt of approval;

(c) Approvals to be applied to authority and date planned for application;

(d) Modifications, amendment or revisions, if any, issued by the authority with regard to any license, permit or approval for the project

  • The Developer has to mention the address of the website in the advertisement/brochure/prospectus of the authority.
     
  • The Developer has to display at the time of booking and issue of allotment letter to the applicant-

(a) Approved sanctioned plan, layout plan of the property with specification 

 

(b) Stagewise time schedule of completion of the project including basic infrastructure facilities like water, sanitation, maintenance and electricity.

 

  • Penalty for Non-Compliance

As per Section 61 of the Uttar Pradesh Real Estate (Regulation and Development) Act, 2016, if any promoter provides false information or contravenes the provisions of Quarterly compliance, he shall be liable to a penalty which may extend up to (05) five per cent of the estimated cost of the real estate project, as determined by the Authority.

 

Therefore, it is always advisable for all the Developers to keep their projects updated and complied, so that there is always transparency in the whole tenure of the project and the prospective allottees are timely apprised of the status of construction of the project.

 

 

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