UP-RERA Updates on Late Fees and Quarterly Project Reports

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has announced significant updates regarding the filing of Quarterly Project Reports (QPRs) and the imposition of late fees. Here are the key points:

No Late Fees for Full Occupation or Completion Certificates

No Late Fees Post-Certification: UP-RERA will not impose late fees once a full Occupation Certificate (O.C.) or Completion Certificate (C.C.) for a project is uploaded, even if the project registration period is still valid.

Filing of Quarterly Project Reports (QPRs)

Sequential Filing Requirement: If a QPR for a given quarter has not been filed, the current QPR can only be filed after the pending QPR is submitted.
Mandatory Timely Filing: Promoters are required to file QPRs on time with full details to ensure transparency and timely intervention by UP-RERA in case of defaults. This is part of the broader UP-RERA updates on late fees and compliance.

Extension of Project Registration

Condition for Extension: Promoters can apply for an extension of project registration only after fully updating all pending QPRs.
Late Fees for Pending QPRs: Pending QPRs can be filed only after paying the corresponding late fees. Late fees will be calculated based on the quarters for which QPRs have not been filed, as detailed in the recent UP-RERA updates on late fees.

Alerts and Re-imposition of Late Fees

Alert System: If a promoter fails to file the physical and financial QPRs even after paying the late fees, an ‘Alert’ will be sent. Failure to file within the stipulated period post-alert will result in the re-imposition of late fees.

Special Cases and Exemptions

No Late Fees for Pre-Registration Targets: No late fees will be imposed for QPRs created from a date prior to the project registration.
Lapsed Projects: Promoters must file pending QPRs for lapsed projects after paying the requisite late fees.
Filing Post-Lapse: QPRs for projects lapsing during a quarter can be filed up to 15 days after the end of that quarter.

Adjustments for Project Changes

Extended Physical Targets: For projects whose registration lapses before physical targets are met, extended targets will be created upon registration extension, and promoters must update QPRs accordingly.
Nature of Project Changes: When the nature of a project changes (e.g., from ‘Plotted to Villa’), previously filed QPRs will be secured, and no late fees will be imposed for periods before the change.

Chairman’s Statement

Sanjay Bhoosreddy, chairman of UP-RERA, emphasized the importance of timely QPR filing for the benefit of all stakeholders, ensuring promoters remain honest and steadfast in their obligations towards allottees.

These UP-RERA updates on late fees aim to streamline the QPR filing process, ensure compliance, and enhance transparency in real estate project management in Uttar Pradesh.

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