Status as on- 16/02/2021
Uttar Pradesh RERA has recently issued a big order in regard of builder buyer transparency. According to the order, now the developers/builders have to mention a special number that is the Registration number at the time of marketing & advertisements failing to which action would be taken on concerned developers/builders.
Registration of the Project
Section 3 of RERA Act, 2016 makes it mandatory for every developer to register its real estate project with Real Estate Regulatory Authority established under the Act and without which he can’t advertise, market, sell or offer, or invite people in this concern.
Registration of a project provides all the crucial details about the project and the developer in government record and also in public domain. This cuts off the chances of any kind of fraud or frivolous activity by the developers.
One of the major reasons for enactment and enforcement of RERA Act was to enhance the transparency between builder and buyer. But sadly even after 3 years of enforcement of the Act, developers with malafide intentions hide the crucial details of the project from buyers and later it causes chaos.
To avoid such malpractices by developers, UP RERA recently passed an order making it mandatory for all the developers to mention the Registration number in the advertisement along with a link to RERA website. After this a buyer can directly go to the RERA website through the link provided and have access to all the information of the project himself.
RERA is being very effective in not only creating a strong adjudicating mechanism for speedy dispute resolution but also in enhancing the transparency between buyers and builders. The above-mentioned recent Order by UP-RERA is one good example of this. The builders will no more be able to hide the information from the buyers as the later will themselves have the access to the said information from now on.
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