Here are Important Things to Know About RERA Act of UP

Considering India’s booming real estate market, homebuyers can choose from a wide range of real estate options. You also must ensure that property you are choosing is worth the invested sum, features robust construction and also possesses the necessary clearances and licenses from the government.

However, home purchasers often fall into the trap of fraudulent real estate agents or developers who withhold information from the buyers. Such circumstances have led to several customer grievances in the real estate industry. In a bid to promote transparency and better regulation in this sector, the government established the Real Estate Regulation and Development Act in 2022. RERA UP is a subset of this aimed to promote efficiency and transparency in Uttar Pradesh’s real estate sector.

How is this Act changing the real estate market in UP?

As per the Act, it will protect the interests of the buyers and also those of the real estate agents and promoters. Additionally, home purchasers also get to access the quick redressal services under the RERA Act in Uttar Pradesh. It has also established an adjudicating body which specialises in handling such queries in a swift and hassle-free manner. This is how RERA is altering the real estate market in UP.

Objectives of the Real Estate Regulation and Development Act in UP

To counter fraudulent activities and other malpractices in the real estate sector that were harming the home purchasers in UP, RERA UP was set up. It streamlined and brought more transparency to this industry.
Here is all about RERA Act in Uttar Pradesh that you need to know:
  1. To ensure that both residential and commercial properties are disclosed by the constructors to the purchasers.
  2. To register all real estate brokers under RERA and hold them accountable in case of malpractices.
  3. To register every on-going real estate project within the state of UP.
  4. To provide property-related grievances and redressal services.
  5. To address customer appeals through an appellate tribunal.

These are a few of the numerous benefits that first-time homebuyers can experience with RERA in action.

With these guidelines in place, purchasing properties in Uttar Pradesh has become a safe investment avenue, thanks to RERA UP. Besides, you can further simplify your home financing option by opting for housing loans at competitive interest rates and other value-added features. You can consider availing a Home Loan from lenders like Bajaj Finserv that can fetch you a hefty sum of up to Rs. 3.5 Crore.

Furthermore, existing customers can also avail the benefits of pre-approved offers. These pre-approved offers are applicable on unsecured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing only a few necessary details like your name and contact number.

Rules and regulations of RERA UP Act

There are two most notable norms of the Real Estate Regulation and Development Act is:
  1. A builder or promoter is prohibited from conducting any changes to the agreed construction plans without approval from 2/3rd of the allottees.
  2. Promoters or constructors are required to pay interest to home purchasers for every month of delay if they fail to deliver the properties within the stipulated deadline.

How to register your property?

To register housing projects under theReal Estate Regulation and Development Authority of Uttar Pradesh, follow the steps as mentioned below:

Step 1: Visit the official website of RERA UP.

Step 2: From the ‘Registrations’ tab, select the ‘Projects’ option from the drop-down menu.

Step 3: You will be prompted to select the user type. Now pick the most suitable option from that list and choose either ‘Agent’ or ‘Promoter’.

Step 4: Enter your personal details after logging in with email ID and password.

Step 5: After getting redirected to the project registration page, you need to fill out the form with appropriate details and submit the supporting documents.

Step 6: Make the payment and complete the online registration process.

With this information in hand, registering under the RERA authority in Uttar Pradesh is convenient and hassle-free. Also, make sure you have all the documents in hand before commencing the registration procedure.

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