In a bid to ensure transparency and adherence to norms in builder-buyer settlements, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has released a set of guidelines. These guidelines aim to regulate mutual settlements between homebuyers and developers, addressing instances where parties fail to comply with established norms. The move comes as part of UP-Rera’s ongoing efforts to streamline the real estate sector and protect the interests of both promoters and allottees.
Guidelines Overview:
According to the guidelines released on February 2, mutual settlements between homebuyers and developers must adhere to specific protocols. One key requirement is that settlements must be executed on non-judicial stamp paper worth Rs 100 and notarized. Additionally, the settlement must be signed by the director, managing director, or CEO of the promoter, as well as by the allottee. The terms and conditions of the settlement must be clearly defined and in accordance with applicable laws and public policies.
Verification Process:
To ensure the validity of settlements, UP-Rera will upload the settlements submitted by promoters on its web portal. The authority will then verify the settlements through its benches or offices. If any party fails to appear for physical verification, they will be required to verify via email. Failure to respond to the email within the stipulated time will be deemed as consent to the settlement.
UP-Rera Chairperson Sanjay R Bhoosreddy emphasized that these guidelines are designed to protect the interests of both promoters and allottees. By standardizing the settlement process and ensuring compliance with regulations, the guidelines aim to prevent disputes and facilitate the successful conclusion of proceedings. Bhoosreddy highlighted the necessity of these directions due to instances of defective settlement deeds being filed in the past.
The introduction of guidelines by UP-Rera to monitor builder-buyer settlements marks a significant step towards enhancing transparency and accountability in the real estate sector. By setting clear protocols and verification processes, the authority aims to promote fair practices and protect the rights of all parties involved in real estate transactions.