A Complete Guide on UP RERA: The Must-Know Rule Before Buying Properties
Buying a property is a serious business as it involves a lot of money. So, it is not enough for you to know the budget, features, amenities and location of the property when you opt to buy a property. It is of utmost importance to know the rules and regulations of the real estate market also.
The Real Estate Regulation and Development Act, or RERA, has regulated the Indian real estate market since 2016. With many reforms in the act, RERA is now a state authority. Every state has its RERA applied to home buyers, real estate agents and builders. If you want to buy a property in Uttar Pradesh, it is necessary for you to be well aware of UP RERA.
Comprehensive Features of UP RERA
● Ensuring transparency and accountability in the real estate deals
● Reduces unnecessary delays in ongoing projects
● Operates as smaller regulatory bodies in each state separately to look after every project and resolve issues quickly.
● A mechanism to resolve disputes faster for both the developers' and the buyers' benefit
● Keeping a record of detailed information on every promoter and builder.
All the builders and promoters mandatory register themselves with RERA providing all details on themselves and the projects, though only those of a minimum of eight apartments or 500 sq meters.
● It regulates both residential and commercial real estate projects, and keeps detailed records of a project's plan, layout, land title status, government approvals and sub-contractors.
● The appellate tribunal in RERA penalizes a rule violator with a penalty fee and jail.
How to verify registration on RERA?
Checking on a particular project, builder or promoter and registering on RERA as an agent or a promoter are done by the official RERA website.
● Log on to the official RERA website.
● Go to "Registered Projects" from "Important Links."
● Put the project name, registration number, promoter details and captcha to access a registered project.
● You will also get the details of a registered promoter or agent on the website.
● The list of registered agents and promoters is provided there separately.
● To check on one of them, fill in the necessary details like name, district etc.
● The website also contains a list of defaulter or unregistered projects. You can find the list from "Important links" on the site. You have to put the name and registration number of the project along with the location, promoter's name and photo.
How to register your project/yourself?
You can register yourself as a promoter or agent on the official RERA website.
● If you are a promoter, go to the site and click on "Registrations", click on the "Promoter" option and fill in all your details, including supporting documents, after you receive an OTP on your number.
● You can register a project the same way, just by choosing "Projects" from the "Registrations" menu and filling in a form with all the required details.
● An agent can also register himself easily from the "Agents" option in the "Registration" menu.
Registration charges on RERA
Registering yourself or a project on RERA requires charges that vary. The charges for registering projects differ based on the area size and purpose of the construction.
Charges for individual agents and firms are also different.
