Uttar Pradesh RERA Authority implements measures for real estate transparency
In recent developments, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has taken significant measures to enhance transparency, accountability, and credibility within the real estate sector, aligning with the provisions of the RERA Act of 2016.
The UPRERA has issued directives to project developers, mandating the provision of comprehensive and accurate information about their real estate projects. This includes ensuring that valid contact details are available for effective communication with developers. The authority emphasizes the importance of ongoing communication between builders, the regulator, and buyers and requires all essential project information to be kept up to date on the UPRERA's portal. The primary objective of these efforts is to foster trust and reliability among stakeholders in the real estate industry.
Furthermore, UPRERA has set forth guidelines that necessitate developers to provide information about a director approved through a board resolution for communication purposes. This requirement extends to projects that are already registered as well as those in the process of registration.
The need for these actions stemmed from the regulatory authority's identification of inconsistencies and omissions in the information presented on the portal, which did not align with officially approved documents. Consequently, the UPRERA has directed promoters to rectify these discrepancies, ensuring accurate and updated data.
The UPRERA also pointed out a common issue regarding contact numbers provided by developers. Many times, these numbers were either non-functional or manned by individuals lacking the knowledge to provide substantial responses. In response, the authority has mandated that all promoters ensure active and knowledgeable individuals attend to the provided contact numbers, improving communication with stakeholders.
In conclusion, the UPRERA's proactive approach to ensuring accuracy, accountability, and transparency in the real estate sector is a positive step toward building trust and confidence among industry players. These measures aim to protect the interests of both developers and buyers while adhering to the guidelines of the RERA Act, ultimately contributing to a more robust and dependable real estate market in Uttar Pradesh.
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