UP-RERA reviewed real estate projects that failed to upload essential maps and land documents on its portal, classifying them as "projects in abeyance." Chairman Sanjay Bhoosreddy highlighted the risks to buyers, as some promoters advertise RERA registration numbers without proper approvals, potentially misleading investors. The review identified approximately 400 non-compliant projects, with 160 lacking both maps and land records. UP-RERA has warned promoters to comply immediately or face punitive action. The authority advised buyers to avoid these projects until thorough due diligence ensures transparency and protects their interests.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) recently conducted a comprehensive review of various real estate projects that failed to upload essential maps or land documents on its portal, despite numerous warnings. Consequently, UP-RERA decided to classify these non-compliant projects as "projects in abeyance."
Sanjay Bhoosreddy, Chairman of UP-RERA, highlighted the potential risks to buyers. Bhoosreddy noted that promoters often highlight the RERA registration number in advertisements, which can mislead potential investors into purchasing properties in projects where necessary approvals and land records are unverified. This oversight can expose investors to significant risks, as they may unknowingly invest in projects lacking proper documentation and approvals.
UP-RERA mandates that promoters upload all critical documents related to their projects on its portal. This transparency is essential for buyers to make informed decisions, as they can verify project details, including land ownership and other required approvals. The absence of these documents, particularly those related to land ownership, undermines the integrity and transparency of the real estate market, making it difficult for buyers to trust the legitimacy of the projects.
During the review, UP-RERA discovered that approximately 400 projects had incomplete or missing documentation on its portal. Of these, 160 projects failed to upload both maps and land ownership records. During the early stages of RERA's implementation, authorities initially registered these projects. Since 2018, UP-RERA has repeatedly warned promoters to comply with the requirement to upload all necessary documents, but many have yet to do so.
In response to this ongoing non-compliance, Bhoosreddy issued a stern directive to promoters, instructing them to immediately upload the required maps and land documents on the RERA portal. He emphasised that failure to comply would result in strict punitive measures. Bhoosreddy also advised potential buyers to exercise caution and refrain from investing in projects classified as "in abeyance" until they have conducted thorough due diligence.
The review also revealed that the authorities have issued completion certificates (C.C.) for three projects, while applications for C.C. are still pending for four additional projects. Additionally, promoters of 25 projects have requested access to edit their submissions on the portal to upload the missing documents.
By categorising these projects as "in abeyance," UP-RERA aims to safeguard potential buyers, ensuring they are fully aware of the risks associated with investing in projects lacking proper documentation. This initiative reflects UP-RERA's commitment to maintaining transparency and accountability in the real estate sector. The authority urges promoters to adhere strictly to regulatory requirements, thus reinforcing buyer confidence and ensuring the integrity of the market.
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