The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has taken a significant step towards safeguarding the interests of homebuyers in the state. Here’s a breakdown of the five rules recently implemented:
1. Standardising Project Names:
To prevent confusion among homebuyers, UP RERA has mandated that developers register their projects under the same name as the one displayed on the sanctioned maps approved by local authorities. This ensures consistency throughout the project lifecycle, from registration to completion. Previously, discrepancies between names used during registration, marketing, and completion certificates created hurdles for UP RERA in tracking project progress and managing accounts.
2. Including Co-Allottees in Complaints:
UP RERA now requires homebuyers to include the names of co-allottees in their complaints. This ensures that all parties involved in a joint property purchase are included in the dispute resolution process. In the past, complaints that excluded co-allottees resulted in rulings based on incomplete information. UP RERA’s online portal has been updated to facilitate the easy inclusion of co-allottee details.
3. Training for Real Estate Agents:
UP RERA has introduced a mandatory training and certification programme for both new and existing real estate agents. This programme equips agents with a thorough understanding of the Real Estate Regulation Act (RERA) and UP RERA rules. This initiative aims to ensure that agents provide accurate and transparent information to homebuyers, promoting a more informed real estate market.
4. Transparency through QR Codes:
To enhance transparency, UP RERA has directed developers to include QR codes in project registration certificates. These QR codes, when scanned by homebuyers using their smartphones, will provide instant access to crucial project details. This includes information on land ownership, project approvals, and quarterly progress reports. The QR codes will be displayed prominently in developers’ offices and project site marketing offices for easy access by potential and existing homebuyers.
5. Carpet Area as the Standard for Unit Sales:
UP RERA has made it mandatory for developers to sell housing units based solely on carpet area. The concept of ‘Super Area,’ which often includes common areas like hallways and lobbies, is no longer permissible under UP RERA guidelines. This ensures that homebuyers pay only for the usable living space within their units. A model agreement for sale based on carpet area is available on the UP RERA portal for reference. UP RERA has warned developers that any violation of this rule will result in legal action.
These new regulations from UP RERA demonstrate a strong commitment to protecting homebuyers’ rights and fostering a more transparent and accountable real estate market in Uttar Pradesh.
