The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a stern warning to promoters of 400 group housing projects across the state. These projects risk being put on an ‘abeyance’ list due to failure to upload critical documents such as land records and maps on the RERA portal. This move aims to protect homebuyers from potential fraud and ensure transparency in real estate transactions.
Need for Compliance
The UP RERA’s decision was announced following the 152nd meeting of the authority. It was decided to create a specific category labeled ‘Projects in Abeyance’ for projects that have not met the requirement of uploading necessary documentation. According to an official statement, this step is designed to alert potential buyers and safeguard them from being misled by promoters who fail to disclose complete project information.
RERA emphasized that uploading essential documents like maps and land ownership records is mandatory for all registered projects. These records allow buyers to make informed decisions based on verified information about the project’s land and its approvals. The authority’s scrutiny revealed that approximately 400 projects have not uploaded either the project map, land ownership documents, or both, despite being registered since the early days of RERA.
Ensuring Transparency and Protecting Homebuyers
UP RERA has been continuously urging promoters to comply with these requirements since 2018. While many have adhered to the regulations, the remaining 400 projects have not complied, prompting the authority to send notices once again. The lack of compliance raises concerns about potential fraud, where buyers might invest based solely on the RERA registration number, unaware of incomplete or unverified project details.
RERA Chairman Sanjay Bhoosreddy highlighted the risks involved, noting that some promoters may encourage investments by showcasing RERA registration without revealing the project’s flaws. To counter this, Bhoosreddy urged promoters to upload all necessary documents immediately and warned of strict punitive actions for non-compliance. He also advised buyers to be cautious and avoid investing in projects listed in the ‘Abeyance’ category until all required documentation is provided.
Conclusion
The introduction of the ‘Abeyance’ category by UP RERA serves as a critical measure to ensure transparency in the real estate sector. By enforcing strict compliance with documentation requirements, UP RERA aims to protect homebuyers from fraudulent practices and promote a more secure investment environment in Uttar Pradesh’s real estate market.
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