Things you need to know about UP RERA
Uttar Pradesh the most heavily populated state in India is a home of big investments. The cities Noida, Greater Noida, Ghaziabad, Kanpur, Agra, etc.., the state is attracting a large section of home buyers. These micro-markets have become a favorite destinations for developers as they are seeing heavy migration of people from villages or Tier 3 towns. People are migrating in search of jobs and better lifestyle and developers are capitalizing on the same.
To protect the interests of the home buyers, RERA came into force. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which has been drafted with an objective to protect home-buyers’ rights as well as help boost investments in the real estate industry. The Act came into force from 1 May 2016.
With a heavy inventory of properties for sale, areas in NCR (Noida, Greater Noida, Ghaziabad) offer properties at affordable prices. These areas have also seen many faux builders and insolvency cases which made it important to have a state real estate regulator. In tune with the Real Estate Act, the Uttar Pradesh Real Estate (Regulation and Development) Rules were notified in 2016. Here’s all that home buyers, builders and real estate agents need to know, about the UP RERA.
As per a report by a known online real estate space, last year, Yogi Government decided to let go builders from penal interest and other dues, for the period their project is stalled due to litigation, if they pass on this benefit to the home buyers. They decided to allow a ‘zero period’ benefit to builders, under this builders will be exempted from shelling out the penal interest and other dues, if the housing project is stalled due to litigation, National Green Tribunal directions, or a delayed deed execution, provided they pass on this benefit to the home buyers. The ‘zero period’ policy will also apply, if a builder cannot start the project due to the absence of an approach road or the local authority’s failure to acquire land in time, industrial development minister Satish Mahana said.
The state regulatory board also identified 397 delayed projects in the NCR and summoned promoters of 22 projects last year. This all proves that the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) is making honest efforts to protect the interests of home buyers. SPN works in sync with the state regulatory board and help buyers to with the properties which are in compliance with UP RERA.
To know more about the UP RERA visit: https://www.up-rera.in/index