UP RERA has notified the process of filing Quarterly Progress Report on the RERA website as required by Section 11 sub-clause 1, of the Real Estate (Regulation and Development) Act, 2016. The act provides for the setting of physical and financial targets by the promoter during registration and then quarterly progress report has to be filed so as to ensure that the progress in real estate project is as per the schedule given by the promoter during the time of registration and the same information is open for public viewing.
This quarterly target is based upon the starting and end date of construction activities of every building, block or floor as chosen by the promoter. Financial target is the amount, the promoter is planning to deposit in the dedicated bank account opened for the real estate project which is mandatory as per the Act.
A separate webpage has been created for filing quarterly progress report and booking of plot/apartments and other related information at the end of every quarter of the financial year. As per Section 11 sub-clause 1 the following details has to be filed by the Promoter.
- Details of registration granted by RERA.
- Quarterly up-to-date the list of number and types of apartments or plots booked.
- Quarterly up-to-date the list of number of garages booked.
- Quarterly up-to-date the list of approvals taken and approvals which are pending subsequent to commencement certificate.
- Quarterly up-to-date status of the project.
- Projects developed on a Leasehold Land
- Association of Allottees
- Conveyance Deed Executed
- Details of Re-sale
- Necessary Approvals Taken up/Pending
- Status of Outgoing Payments
All the QPR has to be updated within 15 days after the end of a quarter of every financial year by logging into the profile of the promoter on the RERA website. It is important to note that many State RERA have started sending legal notices to promoters for not updating the Quarterly Progress Report (QPR) on the website within timelines and this would invite penalty as per the Act and rules or can even result in cancellation of the RERA registration. Therefore, it is advised that QPR should be filed regularly to escape any action taken by RERA.
Disclaimer – The above points are based on the personal interpretation. The readers are expected to take expert opinion before placing reliance on it.
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