Prioritize Homebuyers Safety in Real Estate Year Ender 2024: UP RERA Guidelines

Year’s change but homebuying hustle remains constant! Not anymore. Uttar Pradesh Real Estate Regulatory Authority (UP RERA) dawns the rise of transparency.

In the year 2024 demolition of the Supertech Twin Tower came as the biggest shocker. With it, many raised eyebrows about homebuyers’ safety in the real estate market. Understanding investors’ sentiments, UPRERA decided to steer the market and investors safely from the storm.

With the rights of homebuyers under RERA being a debatable topic, UP-RERA decided to uphold the sovereignty of the property market horizon. For this, it took strong-headed decisions and laid rules overplaying which would cause stringent action in reply.

After several years of arguments about organizing the Indian property market, RERA came into existence. Now, full-fledge operation leads to RERA compliance for real estate.

Game Changing Rules for Homebuyers Safety in Real Estate

1. QR Codes Mandatory on all Shareable Documents – An Act of Homebuyer protection under RERA

To ensure homebuyer protection under RERA, the Uttar Pradesh Real Estate Regulatory Authority outlines the law for transparency. UP RERA is an apex body to formulate real estate transactions and envisions fair real estate transactions.

In order to maintain the same, developers and promoters are directed to print QR codes every time an advertisement is published. Also, it is compulsory for them to publish the QR code on brochures.

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To ensure homebuyers' safety in the real estate market, booking forms, BBA (builder-buyer-agreement), and allotment letters must have the QR code released by UP RERA.

The decision exhibits determination to ensure homebuyers protection under RERA.

 “Anybody desirous to make investment in a project can simply scan this code with his mobile phone, readily get all the details of the project from the portal of UP RERA and verify the information about the projects provided by the promoter in the advertisements,” UPRERA said.

To uphold the rights of homebuyers under RERA, it is important to add RERA numbers and QR code in advertisements including print, radio, electronic and digital platforms.

Not just this, but the account number for payment deposition must also be mentioned clearly to avoid a fiasco.

2. Offer Possession Once listed Amenities are User-Ready ensure Homebuyers Safety in Real Estate

It is another landmark decision for seamless property registration under RERA. Property buyers’ massive complaints against developers as they ask to sign the possession letter against the will is addressed by UP-RERA.

Till now many homebuyers in Uttar Pradesh have experienced this type of harassment. Handing keys of an unfinished property to the buyers without being considerate about its impact on the budget is a failure.

Also, it is a major embarrassment and the above-said rule is a damage control tactic. The directive to offer possession after listed amenities are functional, UP-RERA maintains project transparency.

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Shedding light on the reason to introduce such a stringent rule, Sanjay Bhoosreddy, Chairman, UP-RERA said, “Complaints of conditional possession of units to allottees have been received. This act of promoters is against the principle of natural justice and objectives of the RERA Act.”

He further said, “Promoters should sell units (flats) only on the basis of facts and approved maps, layouts and provide possession without deviating from the terms of the Agreement for Sale so that the allottees do not feel cheated and dissatisfied in any way.”

3. Disburse Appropriate Information else Face Consequences – Action to ensure Homebuyer safety in Real Estate

In the bygone year, UP-RERA received homebuyers’ complaints about fraudulence. It refers to finalizing a distinguished floor plan and getting another at the time of possession.

Not once or twice, but the Uttar Pradesh Real Estate Regulatory Authority warned nearly 400 promoters pitching distinguished projects unlawfully. To ensure homebuyer protection under RERA, the authority drafted the ‘Abeyance list’.

According to it, a promoter will face repercussions for failing to upload a land record/map on its portal.

The regulator said, “After in-depth scrutiny of the records of the projects registered with UP RERA, it was found that the promoters of about 400 projects have not uploaded the project map and land ownership related documents or at least one of them on RERA portal. These projects were registered by the promoters during the early days of RERA. The promoters had been continuously warned since 2018 to upload all the project documents on the portal.”

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4. Only RERA registered agents allowed to deal for Project Sale and Purchase

In order to safeguard the rights of homebuyers under RERA, the authority laid rules for the sale and purchase of projects.

According to the guideline, only RERA registered agents will be eligible to sale/purchase projects in the State. It will not only safeguard homebuyers interests but is a positive step to secure all stakeholders' interests.

A prime reason for drafting the rule is continuous complaints from homebuyers. The UP RERA has received multiple grievances and false information flow.

Thus, the step is a commendable step to ensure homebuyers safety in the real estate market.

Sanjay Bhoosreddy, UP RERA Chairman said, “Real estate agents have an important role in the real estate sector. It is of paramount importance that they show transparency and credibility. We are aiming at the introduction of professionalism in the work of Real Estate Agents.”

“If a UP-RERA-registered agent provides false and misleading information during such sale-purchase, the aggrieved person can lodge a complaint with the UPRERA.”

He also said, “UPRERA can also penalize agents if they are found guilty. Sales and purchase of properties only through UPRERA registered agents are secure.”

5. UPRERA to Resuscitate Stalled Housing Projects with 10,000 Units A milestone Decision to protect Rights of Homebuyers under RERA

Homebuyers suffer massively as developers sometimes deal with insolvency or insufficient funds for projects. In such a scenario, homebuyers have no choice but to await project possession.

Timely possession isn’t the case with delay in funds, but revive of stalled projects is expected to curtail the turn-around time. Also, it will align UPRERA and project transparency features, enhancing the trust of homebuyers in the system.

Mr. Bhoosreddy, UPRERA Chairman said, “The regulator will meet all defaulting promoters, bankers, financial institutions and agents to prepare a road map for the revival of projects.”

With a disciplined guideline, the Uttar Pradesh Real Estate Regulatory Authority aims to sync RERA compliance for real estate. Also, the core aim is to maintain homebuyers’ safety in the real estate market.

The drafted outline is expected to have a positive outcome for the property market in the State.