UPRERA recently issued a string of orders beneficial in every possible manner, targeting at least maintaining transparency and ensuring the adherence of developers towards commitments they have made while creating expectations among the homebuyers.
Transparency rules are newly in place after the recent orders Of UPRERA
To bring accountability, it has been decided by UPRERA to give a special QR code to every new project at the time of registration. Developers must print the QR code in every advertisement material and literature. Moreover, this QR code is also to be glued on all documents that are being distributed among the buyers, such as booking forms and allotment letters.
The project provides potential investors with a simple mechanism for checking details of the project directly from an investor’s mobile device by scanning a code with subsequent search access through the UPRERA portal for reliable information.
Possession of housing units
UPRERA had an order that no ‘conditional’ possession of housing units is allowed by the real estate developers. There are complaints in the market that some developers are forcing homebuyers into signing the possession letters even though all the promises made in the advertisements are not fulfilled about amenities and services. This practice is against the principles of natural justice and the objectives of the RERA Act, says Sanjay Bhoosreddy, chairman of UPRERA. He further repeats that possession should be transferred solely based on the terms presented in an agreement as per the original sale agreement.
Projects at risk of abeyance
The authority has put about 400 group housing project promoters on notice by warning them that they will be put on an “abeyance” list if they do not upload all the necessary land records and project maps on the RERA portal. They have been warned time and again since 2018, but many of them have failed to act on these requirements. This is the action by the regulator to alert the prospective buyers so that they are not misled.
Regulation of real estate agents
Given the growing complaints about fraud committed in real estate transactions, UPRERA requires that only a registered agent, through the authority, is privileged to sell or buy real estate. It is in this way that transactions can become transparent and valid. If such agency misrepresents any information, appropriate penalties may be imposed upon them.
Those who have been victimized by such agencies are also allowed to file complaints with the UPRERA. Chairman Bhoosreddy requested the house to discuss the professionalism needed from the real estate agents and has conceived a training program that shall showcase the credibility of the real estate agents. UPRERA plans to revive stalled housing projects comprising 10,000 units
