NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has mandated quarterly transaction reporting for registered real estate agents and has revised the financial reporting formats for promoters.
The authority has announced the 11th amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019, implementing new record-keeping and disclosure mandates for real estate agents.
According to the new regulations, all registered real estate agents are required to upload transaction details facilitated during a quarter on the authority’s website within 15 days after each quarter ends. Agents must also provide information about their employees.
Failure to submit quarterly reports on time will incur a penalty of ₹10,000 for the respective quarter, as stated by the authority.
During the initial filing, agents must disclose all transactions conducted since their registration with UP-RERA. Subsequently, they will need to provide transaction details for each quarter.
UP-RERA has specified the registers and documents that agents must maintain, which include cash books, journals, ledgers, and customer registers in formats determined by the authority.
These records must be kept for a minimum of five years from the completion of the project or the execution of the registered sale or lease deed, where applicable. Agents must present these documents before the regulatory authority or any authorized officer during inquiries or investigations.
Furthermore, UP-RERA has rebranded Regulation 54 as “The Real Estate Agent Enrolment, Training, Certification and Statutory Compliances.”
The authority noted that while the RERA Act requires promoters to submit quarterly progress reports, it lacks explicit reporting requirements for real estate agents. These regulations are designed to enhance compliance among agents and improve sector transparency.
Sanjay R Bhoosreddy, chairman of UP-RERA, stated that real estate agents play a vital role as the link between homebuyers and developers; therefore, maintaining accurate records and timely disclosure is crucial for fostering trust in the market.
The amendment also includes updates regarding chartered accountant certifications for promoters.
