The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has introduced reforms to protect homebuyers and enhance transparency in the real estate sector. A major change is the ban on "conditional" possession, where developers hand over incomplete properties to buyers. UPRERA now mandates that developers can only transfer possession when all promised amenities are completed. Additionally, a QR code system for each registered project has been introduced, allowing buyers to verify project details easily. UPRERA is also addressing non-compliance issues and working to revive stalled projects, further reinforcing its commitment to safeguarding homebuyer interests and promoting transparency.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has introduced a series of reforms aimed at safeguarding homebuyers and promoting transparency in the real estate sector. A key initiative is the prohibition of "conditional" possession, a practice where developers hand over incomplete housing units to buyers. UPRERA has mandated that developers can only transfer possession when all promised amenities, as per the sale agreement, are fully completed. This measure is aimed at ensuring buyers receive fully functional homes, addressing a growing concern among homebuyers pressured into accepting unfinished properties.
UPRERA has been actively addressing complaints from buyers who allege that developers are forcing them to take possession of homes lacking essential services and amenities. Some developers have even coerced buyers into signing possession letters with conditions not included in the original sale agreement. UPRERA has deemed this practice illegal, emphasizing that such tactics infringe on buyers' rights. Developers have been warned that possession should only be offered once projects are completed as originally agreed.
To further enhance transparency, UPRERA has introduced a unique QR code system for each registered project. This QR code must be included in all promotional materials, including advertisements, brochures, and booking documents. Homebuyers can easily scan the code with their mobile phones to access verified project details on the UPRERA portal, such as registration status, developer credentials, and promised amenities. This system allows buyers to independently verify project information, reducing reliance on potentially misleading advertisements.
In addition to the QR code initiative, UPRERA has taken strict action against non-compliant developers. The authority has warned promoters of 400 group housing projects that failure to upload required documents, such as land records and maps, will result in their projects being placed on an "abeyance" list, halting further progress until compliance is achieved.
Furthermore, UPRERA now mandates that all real estate transactions be conducted through registered agents, ensuring buyers are protected from fraudulent practices. The authority has provided buyers the right to lodge complaints if any agent provides false information, boosting accountability in the sector.
In a bid to revive stalled projects, UPRERA is working with stakeholders to resolve issues in 17 delayed housing projects, valued at INR 2,000 crore. This effort aims to complete these projects and prevent further financial losses for homebuyers and lenders.
With these measures, UPRERA is making significant strides toward improving the real estate landscape in Uttar Pradesh, prioritizing buyer protection and transparency.
Advertisement
Facebook
Whatsapp
