The Uttar Pradesh RERA, working primarily for the benefit of homebuyers, has recently introduced some key changes. Accordingly, clear instructions have been issued to developers and builders. Notably, it has been clarified that flats should only be handed over to buyers after all amenities mentioned in the sale agreement are completed. Developers have been warned not to take possession without providing the amenities. The recent directives issued by UP RERA include five key points:
Mandatory QR Code
To promote transparency in the real estate market, UP RERA has suggested that a unique QR code be assigned to every new project at the time of registration, and promoters must display it in their brochures and advertisements. It has been made clear that all documents such as booking forms, allocation letters, and builder-buyer agreements must include the project QR code. Scanning this QR code will provide all details related to the project.
Possession only after amenities are provided
UP RERA has directed realtors to hand over housing units only after the amenities promised in the sale agreement are ready. It noted that there have been several complaints from homebuyers stating that they are being forced to sign possession letters even when the promised amenities and services are not available. Therefore, it has been clarified that possession should only be given after all aspects of the sale agreement are fulfilled.
Failure to upload details will result in being added to the ‘Abeyance List’
UP RERA has warned that projects failing to upload land records or maps on the portal will be placed on the ‘Abeyance List.’ Upon reviewing the records of registered projects in UP RERA, it has been found that almost 400 project promoters have not uploaded the project map or documents related to land ownership, or at least one of them, on the portal. This decision has been taken to alert these promoters and protect buyers from potential fraud.
Transactions only through registered agents
The organisation has made it clear that sales and purchases in real estate projects must only occur through agents registered with UP RERA. This action has been taken in response to the increasing number of complaints about fraud involving homebuyers being misled by agents based on deceptive information regarding flat sales.
Revival of stalled projects
UP RERA is considering plans to revive stalled projects in the state. Approximately 10,000 units across various projects have been stalled for several reasons in UP. To safeguard the interests of buyers and lenders, it aims to revive these projects. RERA is reviewing about 17 projects worth around Rs 2,000 crores related to issues like fund misappropriation, loan defaults, promoters going bankrupt, and financial irregularities. Steps are being taken to prepare a roadmap for the revival of these projects.
