pri Uttar Pradesh RERA Compliances Quarterly and Annually with recent changes Uttar Pradesh RERA Compliances Quarterly and Annually with recent changes

UP RERA- Compliances

Real Estate (Regulation and Development) Act, 2016 ,

Uttar Pradesh Real Estate (Regulation and Development) Rules, 2016, and

Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019

1. Recent Changes;

As per the recent Office order No.3206/UP-Rera…2019-20), dated 10th April 2019

Quarterly Progress Report (QPR)

A. No Fees; no need to pay any fees for the updating of Quarterly progress report (QPR) of First Qtr of Year 2019,

B. Fees Rs.10,000/- per Qtr; need to deposit Rs.10,000/- per Qtr for updating the QPR, if the updating is pending more than equal to two

Annual Audit Report (AAR)

C. No Fees; no need to pay any fees for the uploading of Annual Audit Report of Every year by December of Next Year,

D. After 31st March 2019, facility for uploading Annual Audit Report for the Assessment year 2018-19 without fee will not be available.

E. Fees Rs.20,000/- per Annual Audit Report; need to deposit additionally Rs. 20,000/- per AAR for updating the AAR beyond the due date.

Editing facility of Projects Registered before 07.05.2018

F. No Fees; no need to pay any fees if already editing fees paid earlier, no documents can be deleted.

G. Fees 25% of Registration fees; who have paid editing fees earlier but not avail editing facility, now need to pay editing fees for editing.

Editing facility of Projects Registered on or after 07.05.2018

H. Fees 5% of Registration fees; need to pay editing fees for editing information and document.

I. Six fields; on promoter request and after discussion, six fields will be edited by RERA technical cell.

2. Recent Changes;

As per the UPRERA (General) Regulations, 2019, dated 27th February 2019

J. Objective; this regulation is to establish Procedures for the general functioning of the Authority and for the conduct of the business of the

K. Formats of Certificates of Architect, Engineer and Chartered Accountant; the name of certificate /form is changed as under;

Name of Certificate

 

Old Form / Certificate Name New Form / Certificate Name Remarks
Architect (Qtly) Form- Q REG-1
Project Engineer (Qtly) Form- R REG-2 Word replaced from Architect /Licensed Surveyor to Project Engineer.
Chartered Accountant (Qtly) Form- 5 REG-3
Architect REG-4 On completion of each of the building / wing
Chartered Accountant (Statutory Auditor) REG-5 Annual Report on statement of Accounts

I. Additional Disclosures on the Webpage on the website of Authority and Project Land Site; in addition to Section 4, 11, of the RERA Act and Rule 3, the promoter shall upload following details on his webpage on the website of the Authority;

(a) Annual Report on statement of accounts in Form REG-5 (3rd provision to sec 4(2)(l) of RERA Act); duly certified and signed by the chartered accountant who is the statutory auditor of the promoter’s enterprise.

Explanation 1; CA certifying Qtly report should be an entity different from the CA who is the statutory auditor of the promoter’s enterprise.

Explanation 2; if the REG-5 issued by CA, reveals that Qtly certificate issued by Architect, Project Engineer, CA has false, incorrect info….Authority in addition to taking Penal actions, also take up the matter with concerned regulatory body of the said professionals.

(b) Sanctioned Plans, layout plans, along with specifications, shall be prominently displayed at the Project Land Site.

M. Complaints; the complaints in relation to districts of NCR will be heard at Gautam Buddh Nagar, whereas remaining districts of state will be heard at Lucknow.

3. Existing Provisions (update with recent changes;

A. Quarterly Updates on RERA portal ((Chapter III, Sec-11 (1), Rule-14(1)), (Chapter IV, Rule-14(1)(d)

UPLOAD the following updates on Webpage for the project < 7 days (available only for 15 days) after each Qtr ending;

(a) Details of registration granted by Authority (rule 14(1)(b)(i)(C)

(b) Bookings No. & Types of Flats / Apartments/Plots, (rule 14(1)(d)(i)

(c) List of Garage (Parking) booked / closed parking (rule 14(1)(d)(ii)

(d) List of Approvals taken & Pending subsequent to commencement  certificates (rule 14(1)(d)(iv)

(e) Status of project;

(A) Construction of each building with Photographs

(B) Construction of each floor with Photographs

(C) Construction of each internal Infrastructure & common areas with Photographs

(f) Status of Projects-(additionally)- (rule 14(1)(d)(iv)

(a) CA Certificate, (b) Architect Certificate & (c) Engineer Certificate

(g) status of approvals; Received , applied & expected date of receipt, to be applied & date planned for application, Modifications, amendment, revisions issued by competent authority as to license, permit / approval for the project

(h) Target Achieved Qtly to be filled, against the Target

(i) Mention (Chapter III, Sec-11 (2)); In Advertisement / Prospectus mention   the website address of the authority, wherein all details of registered project entered and registration no obtained from authority and other matters incidental thereto.

(j) Display  (Chapter III, Sec-11 (3)) At the time of booking and issue of allotment letter ,make available to allottee;

(a) approved Sanctioned plan, layout plan with specification by display at site

(b) Stage wise time schedule of completion of project including civil infrastructure like water, sanitation & electricity

B. Annually Updates / Report; (Chapter II, Sec-4(2)(l)(D))..3rd proviso;

(a) Get his accounts audited within 6 months after end of every F/year by Chartered Accountant (CA) in practice who is Auditor, and

(b) Produce a statement of Accounts duly certified & signed by such CA (as per REG-5), submit every year by December of Next Year, and

(c) Verified during audit that amounts collected for a particular project have been utilized for that project, and

(d) Withdrawal has been in compliance with proportion to the % of completion of Project.

Compiled by CA. M.S.Prasad,  FCA, MBA,LL.B, B.Com(H),

(Author can be reached at +91 88022 53937, 0120-713 8235, camsprasad@gmail.com)

Disclaimer: This insight is meant for informational purpose only and should not be considered as an advice or opinion, or otherwise, whatsoever. Author does not intend to advertise its services through this insight, and not responsible for any error or omission in this insight or for any action taken based on its contents.

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