The newly appointed Chairman of the Uttar Pradesh Real Estate Regulatory Authority (UPRERA), Sanjay Bhoosreddy, emphasized the importance of compliance with the law and upholding the rule of law in his inaugural media interview. He revealed that a decision regarding the delinking of flat registrations from builders’ dues to development authorities is anticipated within a month.
Acknowledging the commendable work done by his predecessor, Bhoosreddy pointed out that despite grappling with the highest number of complaints registered at various RERAs, accounting for nearly 40 percent, UPRERA has excelled in addressing complaints. He stressed the Authority’s commitment to continuing the work initiated by its founding team and aligning with the Uttar Pradesh government’s objective of safeguarding the interests of homebuyers.
Addressing the developer community, Bhoosreddy delivered a clear message: “Everybody should adhere to the law, comply with the law, and go by the rule of law; otherwise, they have to suffer.” He highlighted that the challenges in Uttar Pradesh’s real estate sector are predominantly economic in nature, and efforts will concentrate on resolving economic, financial, and liquidity issues.
To enhance awareness and education, the Authority is launching a counseling and education program in collaboration with the Department of Information, Government of UP. Bhoosreddy emphasized that once a developer initiates a project with public participation, it must be completed, underscoring that issues cannot be resolved by passing orders and terminating projects.
Bhoosreddy also outlined the obligations of homebuyers, urging them to ensure that every property project is registered with RERA. He stressed that buyers should promptly file complaints or inform RERA if a project is unregistered, and measures, including mass media campaigns, will be employed to educate the public on this matter.
Regarding the three key stakeholders—buyers, promoters, and agents—Bhoosreddy stated that the Authority will lean slightly in favor of buyers, acknowledging the decentralized nature of homebuyers. He revealed plans to establish a certification and training program for real estate agents, aiming to provide 24 hours of training on various aspects of the sector, including ethics and financial fidelity.
Addressing the issue of non-implementation of Recovery Certificates (RCs) issued by UP RERA, Bhoosreddy pledged to establish a robust mechanism, either through system analytics or a dedicated cell, to rectify this problem.