In a landmark move to enhance transparency and accountability in the real estate sector, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has notified the 11th Amendment to the Uttar Pradesh Real Estate Regulatory Authority (General) Regulations, 2019.

The amendment introduces mandatory record-keeping and quarterly transaction reporting requirements for registered real estate agents, while also revising the provisions relating to the Chartered Accountant certifications. It is noteworthy that the RERA Act has mandatory provision for the reporting of quarterly progress reports of the projects by the promoters. Similar explicit provisions do not exist with regard to the real estate agents. However, RERA Act empowers the Regulatory Authority to make regulations with a view to ensure the compliance of obligations cast upon the real estate agents and with a view to enhance transparency and accountability in the sector.

U.P. RERA, therefore, with a view to protect the interest of the consumers and to enhance accountability and transparency at the level of the real estate agents has lay down the registers and documents which they have to maintain and prescribed the format of the reporting of quarterly transactions by them on the website of the Regulatory Authority. Any failure to submit quarterly transaction reports within the prescribed time limit makes them liable to pay delay fees of Rs.10,000/- for the corresponding quarter.

Real Estate Agents Must Maintain Detailed Business Records

One of the path-breaking arrangement introduced through this amendment relates to the responsibilities of registered real estate agents with respect to maintaining and preservation of records relating to all customer related transactions. Reflecting the broader compliance requirement, U.P. RERA has re-named Regulation 54 as “The Real Estate Agent Enrolment, Training, Certification and Statutory Compliances.”

Now the real estate agent has to maintain the cash books, the journals, the ledgers and the customer registers in the formats prescribed by UPRERA. They have to preserve these records for a minimum period of five years from the date of project completion or execution of the registered sale or lease deed, as applicable. The real estate agent shall have to produce these documents for inspection before the Regulatory Authority or any officer authorized by it, as and when required, during any inquiry or investigation into the affairs of such real estate agents.

The prescription shall improve transparency in property transactions and create a verifiable trail of dealings undertaken by agents, thereby protecting the interests of consumers and strengthening confidence in the sector.

Mandatory Quarterly Disclosures by the real estate agents to Enhance Transparency

To create a comprehensive database of transactions facilitated by registered agents, UPRERA has made quarterly reporting of customer related business transactions by the agents mandatory hence forth. Every registered real estate agent shall be required to upload details of transactions facilitated during the quarter, along with information relating to employees associated with the agency, on the website of the Authority within 15 days from the end of each quarter.

To ensure strict compliance, the Authority has prescribed a late fee of ₹10,000 for delayed submission of quarterly reports. The amendment further provides that during the first statutory filing, agents must disclose details of all transactions facilitated by them since obtaining registration with UPRERA. Thereafter, they will be required to submit details of transactions corresponding to each quarter.

These amendments are aimed at improving regulatory oversight, strengthening accountability among market intermediaries and promoting a more transparent and professional real estate ecosystem. The Authority expects the new compliance measures to benefit homebuyers and investors by ensuring better monitoring of transactions and greater reliability in the functioning of the real estate market across Uttar Pradesh.

Speaking on the amendments, UPRERA Chairman Sanjay R. Bhoosreddy said that the new provisions have been introduced with the objective of further strengthening transparency, accountability and professionalism in the real estate sector. He stated that real estate agents play a crucial role as the primary interface between homebuyers and developers, and therefore maintaining proper records and timely disclosure of transactions is essential for building trust in the market.