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With the aim of safeguarding the interest of homebuyers, the Uttar Pradesh Real Estate Regulatory Authority has taken a step. As a result, the Real Estate Regulatory Authority has come up with the implementation of five rules recently. Let’s move ahead and know more about them! 5 Key Rules to Protect Homebuyers
5 Key Rules to Protect Homebuyers
1. Standardisation of Project Names
For eliminating the confusion for homebuyers, UP RERA has made it mandatory for developers to register their projects under the same name they used to display on sanctioned maps approved by local authorities. As a result, there will be consistency throughout the lifecycle, that is from registration to completion. Earlier, there would be a lot of hustle due to discrepancies between names during the registration, marketing, and completion certificates.
2. Inclusion of Co-Allot tees in Complaints
As per the new rule by UP RER, homebuyers are now required to include the names of co-allottees in their complaints. This leads to the conclusion that all the parties are involved in the purchase of a joint property and also in the dispute resolution process.
Before, complaints without co-allottees resulted in decisions on the basis of incomplete information.
3. Training for real-estate agents
UP RERA has come up with a mandatory training and certification program for new and existing real-estate agents. The ultimate goal of this program is to give agents a thorough understanding of the Real Estate Regulation Act and UP RERA rules. This will further facilitate the seamless transfer of information to homebuyers, leading to shaping a well-informed real-estate market.
4. Maintaining transparency through QR codes
In order to boost transparency, UP RERA has come up with the recommendation of including QR codes in project registration certificates. As a result, when the homebuyers will scan the QR code with the help of their smartphones, they will instantly get access to necessary project details.
Such information includes project approvals, land ownership, progress reports and many other things. These QR codes will be there in the offices of developers and project site marketing offices.
5. Carpet Area as the Standard for Unit Sale
As per the new regulations by UP RERA, developers need to sell housing units based on carpet area. The usual concept of ‘Super Area’ including hallways and lobbies will no longer be acceptable. As a result, this will ensure that homebuyers pay for the space they will be using for living. UP RERA has already warned developers about the violation of this rule and the repercussions as well.
Conclusion
As per the regulations by UP RERA, it is crucial for developers to maintain transparency. Now, it will be interesting to see how many developers will adhere to these rules.
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