No late fees will be imposed by Uttar Pradesh real estate regulatory authority (UP-RERA) after uploading full occupation certificate (O.C.) or completion certificate (C.C.) of a project notwithstanding the fact that the registration period of the project still remains valid. If the quarterly project report (QPR) of a given quarter has not been filled, the current QPR can be filed only after filing of the pending QPR.
The promoter can apply for extension of registration of a project only after fully updating all the QPRs. The pending QPRs can be filed only after payment of the corresponding quarters. Only those quarters will be taken into account for determining the amount of late fees for which QPRs have not been filed.
Sanjay Bhoosreddy, chairman, UP-RERA said, “it is mandatory for the promoters to file the timely QPRs of the projects with full details. QPRs are also helpful for RERA in timely intervention in case of the defaulting promoters.”
In case the promoter does not file the physical and financial QPRs even after depositing the late fees, an ‘Alert’ will be sent to such promoter and if he fails in filing of QPR within the stipulated period even after this ‘Alert’, the late fees will be re-imposed.
Bhoosreddy called upon the promoters to must file the QPRs of the projects in time and remain honest and stead fast in their obligations towards the allottees.
Sometimes promoters create quarterly targets from a date prior to the registration of the project, however, in such cases no late fees will be imposed for filling of QPRS prior to the date of registration. A promoter needs to file the pending QPRs in case of lapsed projects also after depositing the requisite late fees.
The promoter will have facility to file QPR of a project lapsing during a given quarter till 15 days after the end of such quarter. Whenever an activity or activities are completed before the target dates, it will be marked as ‘Activity 100%’ against the given field or fields, as the case may be.
There are instances of registration of the projects lapsing before the completion of the physical targets. In all such cases, extended physical targets will be created by the system after the extension of registration and the promoter will be required to update the QPRs of corresponding quarters after re-setting the financial targets from his end.
Whenever there is change in the nature of the project, for example from ‘Plotted to Villa’ or from ‘Plotted to Apartment’ after completion of required formalities by the promoter and the promoter had filled the QPRs of quarters preceding the date of such change, the QPRs already filled will be secured and no late fees will be imposed for this period before re-setting of the QPRs subsequent on change of nature of the project.
