UP-RERA Implements Mandatory Quarterly Transaction Reporting for Real Estate Agents

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made quarterly transaction reporting mandatory for registered real estate agents, as part of the 11th amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019. This move aims to enhance transparency and ensure compliance within the real estate sector.

Under the new regulations, every registered real estate agent is required to upload details of transactions facilitated during each quarter on the UP-RERA website within 15 days from the end of the quarter. The information must include details of employees associated with the agency. Failure to submit the reports on time will result in a penalty of ₹10,000 for the corresponding quarter.

During the first statutory filing, agents will need to disclose all transactions facilitated since obtaining registration with UP-RERA. Subsequently, they will be required to submit transaction details for each quarter. The authority has also prescribed specific registers and documents that agents must maintain, such as cash books, journals, ledgers, and customer registers, in formats prescribed by the authority.

These records must be preserved for at least five years from the date of project completion or the execution of the registered sale or lease deed, whichever is applicable. Agents will be required to produce these documents before the regulatory authority or any officer authorized by it during any inquiry or investigation.

Sanjay R Bhoosreddy, chairman of UP-RERA, emphasized the importance of these regulations, stating that real estate agents serve as the primary interface between homebuyers and developers. Maintaining proper records and timely disclosure of transactions is crucial for building trust in the market.

The RERA Act mandates quarterly progress reports by promoters but does not explicitly require similar reporting from real estate agents. The new regulations have been framed using the powers available to the authority to ensure compliance by agents and improve transparency in the sector. The amendment also revises provisions relating to chartered accountant certifications for promoters.

The introduction of these regulations is expected to bring greater accountability and transparency to the real estate sector in Uttar Pradesh, benefiting both homebuyers and developers. By ensuring that real estate agents adhere to strict reporting standards, the UP-RERA aims to foster a more reliable and trustworthy market environment.