It has been more than two years since the Real Estate (Regulation and Development) Act, 2016 has been implemented considerable development is evident in the field of Real Sector. RERA as a foolproof regulation is re-building trust, bringing in transparency and safeguarding the interest of the home buyers. To bring into action a more translucent environment, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) is adopting various measures which is benefitting both the home buyers as well as the builders.
That recently the UPRERA had started the scheme of giving stars to the projects and builders which will provide a better preview for the home buyers before investing in the project and further will also be a growth factor for the builders who will work to achieve the highest stars. In continuance to the same, the UPRERA had also now asked the builders to get the sale agreements registered after being executed.
The UPRERA team held a meeting with representatives of 14 builders and discussed problems faced by them to ensure early delivery of apartments to the allottees. During the meeting, the UPRERA team specifically asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer. It was made clear that the state government has formed rules governing the sale and lease of property, prescribing a new format. Builders are directed to follow the new format. It is effective from October 17, 2018. In this format, all details of the projects and responsibilities of builders and allottees are to be mentioned. Allottees will pay the instalments in time and builders will hand over the possession as per the scheduled date. Cost details too have to be disclosed to avert any dispute in future. Further, a promoter shall not make any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and without the previous written consent of the allottees as per the provisions of the Act.
With the newly introduced policies and scheme, the home buyers will now be able to avail a speedy system of justice without any internal lags. The registration of the agreement to sell will bind the builder to before the Authority which earlier was being skipped, further prejudicing the rights of the innocent home buyers.
Disclaimer – The above points are based on the personal interpretation and understanding of the RERA rulings, which may differ person to person. The readers are expected to take expert opinion before placing reliance on it.