Page 2 - Rera Act News Today

In the regular course, the QPRs are required to be filed within 15 days of the closure of the given quarter.

The directions came after the regulator witnessed that many of the promoters were not filing the QPRs of their projects in time and some of them filed the subsequent QPRs without filing the pending ones.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has directed all developers to ensure the sale of apartments is done as per the carpet area only.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has instructed developers to sell apartments based on carpet area only, as there is no justification for selling on super area. The RERA Act and other legal agreements/contracts state that buying and selling apartments are only legal on carpet area. Developers must consider carpet area as the actual area of the unit/apartment and pay the promoter accordingly.

The promoter will have to provide standing instructions to the bank for auto-sweep of not less than 70% of the amount from the collection account to the separate account and not more than 30% to the transaction account of the project. The promoter will have to submit the particulars of the three bank accounts- collection account, the separate account and the transaction account with registration application of the project.

Days after flagging unregistered associations, KRERA asks a developer to form RWA under law governing society registrations that legal experts say does not permit the collection of maintenance charges by RWAs

Uttar Pradesh RERA: During UP-RERA review, it was found that out of 1,810 promoters, only 666 promoters have uploaded details of director for correspondence. The authority has issued approximately 130 notices to promoters in violation of advertisements rules.

RERA Act: Sunil Chandra Reddy, president of Naredco Telangana, on Wednesday requested the central government to consider reduction of the penalty to 5% from 10% if the project is not registered under RERA.

Hyderabad: The realtors urged the governments at the centre and state to revise the Real Estate Regulation and Development (RERA) Act, 2016 and TS RER.

UPRERA wants to ensure management of bank accounts of real estate projects according to the directions of Reserve Bank of India (RBI) and RERA Act.