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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.