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Uploading QPR periodically on portal is one of the key responsibilities of the promoter that enables the consumers of real estate sector to access progress of the project on regular intervals.
Uttar Pradesh RERA: ORO Infra Developers LLP had released advertisement of ORO Constella and AIS Developers LLP had released advertisement of The Galleria in print publications.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has requested the State Level Bank Committee (SLBC) to prevent banks from providing debit card, cheque book, and net banking facilities to the promoters of real estate projects in order to prevent fund diversion. UP RERA has mandated that the bank account should only be in the name of the main promoter, and banks should ensure that funds are used exclusively for the construction and development of the specific project.
Uttar Pradesh RERA: UP-RERA had issued a direction on December 24, 2020 which states that all new real estate projects being launched from April 1, 2021, it is mandatory for promoters to maintain three bank accounts.
Officials have stated that these builders were allegedly promoting and advertising their projects without a RERA registration number.