UP RERA Imposes Penalties on Real Estate Promoters for Non-Compliance

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has imposed penalties totaling over Rs 2.43 crore on two developers for failing to comply with mandatory reporting requirements. The action aims to enhance transparency in project progress, safeguarding homebuyers' interests as dictated by the Real Estate Regulation and Development Act, 2016.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has imposed hefty penalties amounting to over Rs 2.43 crore on two real estate promoters for their failure to upload mandatory quarterly progress reports on registered projects, according to a statement released Monday.

The penalties are part of an enforcement action aimed at ensuring transparency and accountability in real estate developments. The promoters involved were unable to meet the statutory compliance requirements despite receiving several notices from the authority.

UP RERA Chairman, Sanjay Bhoosreddy, emphasized the commitment to uphold transparency and protect homebuyers' interests, noting that timely update of progress reports is obligatory under the Real Estate (Regulation and Development) Act, 2016. The authority instructed the promoters to pay the fines and update pending reports within 15 days.

(With inputs from agencies.)