After coming into force in 2016, UPRera has been actively helping sellers and buyers in streamlining real estate transactions. Given the massive inventory of ready-to-move properties and affordable housing, the real estate sector has been booming in the state, especially in areas like Ghaziabad, Greater Noida, Noida, and Lucknow.
Therefore, to meet the demands of the homebuyers and ensure a transparent buying process, Uttar Pradesh RERA has been offering grievance filing, project filing, and other services through their online portal. The relaxation in home loan eligibility criteria is another bonus.
Read on to find out more about the act below.
Like the subsets of RERA implemented in other states, the goal of Uttar Pradesh RERA is to protect the interests of the homebuyers against fraudulent activities and promote transparency in the sector. It was set into effect from May 1, 2016.
Under the law, the state has established an appellate tribunal to process appeals, an online portal for registration and verification, and a penalty system for those who don’t abide by the rules.
Additional Read: Top Things Everyone Must Know About RERA Act of Maharashtra
Salient Features of Uttar Pradesh RERA
- The act aims to regulate the real estate sector and make it more transparent
- Under this law, a buyer can review all the information regarding a developer or a promoter
- All real estate agents, builders, and brokers must register under this law and provide all the necessary information regarding their practice or projects, like layout, project plan, government approvals, land title status, and sub-contractors
- It ensures a dispute resolution mechanism to protect the interests of home buyers.
- In case of any discrepancy, a homebuyer can directly approach the state real estate regulatory
- RERA regulates both commercial and residential properties
- If a project is delayed, the homebuyer will not have to suffer its consequences. In such a scenario, the developer is liable to pay the home loan EMI paid by the consumer.
- If a developer violates a rule, the appellate tribunal under RERA can penalise them with a fine, up to three years of jail, or both
As a homebuyer, you can also check all the registered and default projects on their website. Here’s how you can do it.
How to check registered projects under Uttar Pradesh RERA?
If you have been searching for a residential property in UP, you can simply visit the Uttar Pradesh RERA website portal.Once logged onto the website, follow this process:
- On the homepage, select the ‘Projects’ tab. A small form will appear on the screen.
- Next, complete the form as per the instructions to search for your project. You can find every RERA-registered project on their website like this.
- Finally, select the “View Details” options. Doing so will load the complete information about the project.
And, that’s it! You’re all set.
Additional Read: Check out What RERA Act is in Real Estate and How Beneficial it is
With so many features available to homebuyers, the RERA act has certainly offered buyers access to accurate information and boosted transparency in the buying process.
If you’re thinking of buying a RERA-registered property in UP, we at Tata Capital are the loan partners you’re looking for! With affordable home loan interest rates and flexible repayment tenures, you’ll have no problems paying the EMIs.
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