NEW DELHI: Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made quarterly transaction reporting mandatory for registered real estate agents and revised financial reporting formats for promoters.
The authority has notified the 11th amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019, introducing new record-keeping and disclosure requirements for real estate agents.
Under the amended regulations, every registered real estate agent will have to upload details of transactions facilitated during a quarter on the authority’s website within 15 days from the end of each quarter. Agents will also have to provide information relating to employees associated with the agency.
Delay in submission of quarterly transaction reports will attract a fee of ₹10,000 for the corresponding quarter, the authority said.
During the first statutory filing, agents will have to disclose details of all transactions facilitated by them since obtaining registration with UP-RERA. Thereafter, they will be required to submit transaction details for each quarter.
UP-RERA has also prescribed the registers and documents that agents must maintain. These include cash books, journals, ledgers and customer registers in formats prescribed by the authority.
The records will have to be preserved for at least five years from the date of project completion or execution of the registered sale or lease deed, as applicable.
Agents will be required to produce these documents before the regulatory authority or any officer authorised by it during any inquiry or investigation.
UP-RERA has renamed Regulation 54 as “The Real Estate Agent Enrolment, Training, Certification and Statutory Compliances.”
The authority said the RERA Act mandates quarterly progress reports by promoters but does not contain similar explicit reporting provisions for real estate agents. It said the regulations have been framed using powers available to the authority to ensure compliance by agents and improve transparency in the sector.
Sanjay R Bhoosreddy, chairman, UP RERA said real estate agents are the primary interface between homebuyers and developers, and maintaining proper records and timely disclosure of transactions is necessary for building trust in the market.
The amendment also revises provisions relating to chartered accountant certifications for promoters.
