The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has implemented a new rule to promote transparency and accountability in the real estate sector. The Authority has mandated quarterly transaction reporting for registered real estate agents. Following this decision, agents will be required to upload details of the property transactions they have facilitated onto the UP-RERA portal every quarter.
UP-RERA has notified the 11th Amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019. Under this amendment, real estate agents are required not only to submit transaction reports but also to maintain financial and customer records in a prescribed format.
Under the new rules, every registered real estate agent is required to upload the transaction report to the website of the authorities within 15 days of the end of the quarter. This report must include details of all property deals where the agent acted as an intermediary or facilitator. Additionally, the agent must provide details regarding the employees associated with their agency.
To ensure compliance, the Authority UP-RERA has also introduced a penalty provision. If an agent delays submitting the quarterly report, they will be required to pay a fee of ₹10,000 for that quarter. The Authority believes this will encourage agents to take the reporting process seriously and enhance market transparency.
The most significant aspect is that, when filling the report for the first time, the agent must disclose details of all transactions conducted from the date of registration to the present. They will be required to submit a separate report for each quarter.
Under the new regulations, agents are required to maintain reports such as a cash book, general ledger, and customer register. These documents must be preserved for at least five years following project completion or the execution of a registered lease deed. The official sets the level of an assistant registrar or higher, who may inspect these records during any enquiry or investigation.
Sanjay R. Bhoosreddy, Chairman of UP-RERA, stated that real estate agents serve as the most important link between homebuyers and developers. Therefore, proper maintenance and timely disclosure are crucial for building trust in the market.
Industry experts believed that new rules of digital reporting and record-keeping in Uttar Pradesh’s real estate sector would be more organised. This will benefit genuine agents by curbing unauthorized practices and ensuring greater transparency and security. In the long term, this step will help make the real estate market more professional and trustworthy.
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