The Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) has recently issued crucial directives aimed at ensuring consistency in project names and map approvals. These orders, issued on 16th March 2024, seek to address various misconceptions and streamline processes within the real estate sector. Let’s delve into the details of these significant developments.
Background: In an effort to enhance transparency and clarity in the real estate market, U.P. RERA has emphasized the importance of aligning project names and map approvals. It has been observed that discrepancies between the names on approved maps and those registered with RERA have led to confusion among stakeholders, including allottees and prospective buyers.
Key Directives from U.P. RERA:
- Map Approval in Land Owner’s Name: U.P. RERA has mandated that development authorities must issue map approvals in the name of the land owner, ensuring legal compliance with the RERA Act. This directive aims to prevent instances where maps are approved in the name of entities unrelated to the actual land ownership.
- Consistent Project Registration: Promoters are now required to register projects with RERA using the same name as approved on the project map. Additionally, the names of individual towers or blocks within the project must align with the approved map, eliminating confusion and facilitating accurate project tracking.
- Marketing Consistency: Promoters are instructed to market projects only under the names registered with RERA. This ensures transparency and clarity for potential buyers, preventing discrepancies between promotional materials and official project records.
Impact on Stakeholders: These directives from U.P. RERA are expected to bring clarity and uniformity to the real estate sector, benefiting both developers and allottees. By addressing discrepancies in project names and map approvals, stakeholders can make informed decisions and navigate transactions with greater confidence.
Promoter and Authority Compliance: U.P. RERA President, Shri Sanjay Bhoosreddy, has urged all promoters and development authorities to adhere strictly to these instructions. Emphasizing U.P. RERA’s commitment to resolving stakeholder concerns, he reiterated the authority’s dedication to ensuring transparency and accountability in the real estate market.
Conclusion: The orders issued by U.P. RERA regarding project names and map approvals underscore the authority’s proactive approach towards enhancing regulatory standards in the real estate sector. By promoting consistency and compliance, these directives are poised to foster greater trust and confidence among stakeholders, ultimately benefiting the industry as a whole.
