The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted by the Indian Parliament to regulate the real estate sector and protect homebuyers. The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) was established to implement RERA in the state of Uttar Pradesh. Here are the top 10 guidelines of UP-RERA:
- Registration of projects: All real estate projects with more than 500 square meters of land or eight apartments must be registered with UP-RERA.
- Deposits: Developers must deposit 70% of the project cost in a separate bank account to ensure that the money is not diverted to other projects.
- Timely delivery: Developers must complete their projects within the time frame specified in the agreement with the buyers. Failure to do so will result in penalties.
- Consent of buyers: Developers must obtain the consent of two-thirds of the buyers before making any changes to the project.
- Clear title: Developers must provide clear title to the land on which the project is being built.
- Disclosure of information: Developers must disclose all relevant information about the project, including the project plan, layout, government approvals, and completion timeline.
- Compensation for delays: Developers must compensate buyers for any delay in the delivery of the project.
- Grievance redressal: UP-RERA has set up a grievance redressal mechanism to resolve disputes between developers and buyers.
- Advertisements: Developers must provide accurate information in their advertisements, and must include the RERA registration number in all promotional materials.
- Quality of construction: Developers must ensure that the quality of construction meets the standards specified by the authorities.
