The introduction of the RERA Act in 2016 drastically transformed the Indian real estate market. The Indian Parliament brought this Act in 2016 to make the real estate industry transparent, accountable, and fair. Every state has its own RERA regulations; likewise, UP RERA (Uttar Pradesh Real Estate Regulatory Authority) has several features and benefits and plays a pivotal role in the UP’s real estate sector.
UP RERA: Overview
UP RERA is the real estate regulatory body that streamlines the state’s real estate sector. It came into existence on October 27, 2016. UP RERA’s foremost goal is to protect investors’ interests while providing a favorable environment for investment in the UP’s real estate sector.
Homebuyers often face misrepresentation, uncertainty, and no desired outcome from the project they invest in. However, UP RERA resolves these issues by regulating the real estate developers and builders. They also ensure that the potential buyers get access to project information, project layouts, plans, government approvals, and the details of the sub-contractors.
How does UP RERA work?
Works as regulatory authority
UP RERA works as the governing authority that manages real estate activities in the state. It prevents deceitful activities, promotes fair exercises, and ensures the builders are compliant with the rules and regulations mentioned in the act.
Ensures transparency
UP RERA’s foundation is based on transparency. Every real estate developer is mandated to register with UP RERA, which works as a base for accountability. Once registered, developers are required to disclose the details pertaining to the project, which builds a transparent environment.
Quick dispute resolution
Real estate calls for swift dispute resolution. Considering this fact, UP RERA set up a robust mechanism to provide quick resolutions. This protects the homebuyers’ interests, providing them a quick remedy if a discrepancy arrives.
Developers are held accountable
If the project is delayed, the UP RERA holds developers and builders accountable. And in case of project compensation delays, the developer is instructed to make the EMI amount same as paid by a homebuyer. This regulation gives a sigh of relief to homebuyers.
Registration is mandatory
UP RERA makes it an obligation for projects exceeding 500 sq m or having more than eight flats to register themselves with the regulatory body. Registration is mandate for both commercial and residential projects.
Appellate tribunal holds the power
UP RERA’s appellate tribunal has the power to exercise penalties like heavy fines or even custody of up to 3 years for non-compliance with its regulations. Builders may face strict penalties if they don’t comply with UP RERA’s regulations.
Conclusion
UP RERA is a powerful body in Uttar Pradesh’s real estate industry. It ensures transparency, swift dispute resolutions, and accountability to safeguard homebuyers’ interests. It not only protects homebuyers from fraudulent activities but also benefits developers and real estate agents.
All in all, UP RERA is the foundation of the real estate sector, growing in Uttar Pradesh. So, if you plan to buy a flat in Lucknow, ensure the builder is registered with UP RERA and follows all the regulations. In case of non-compliance, you can always approach and file a complaint with RERA.
