UP RERA Introduces Guidelines for Monitoring Builder-Buyer Agreements

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    This month, UP RERA released new guidelines to oversee agreements between homebuyers and developers more closely.

    Officials mentioned on Wednesday that the real estate regulatory authority had observed several cases where parties were not following the existing rules.

    “During complaint resolutions or execution of orders, promoters and allottees often present mutual settlements and request case closure. UP-RERA noted instances where parties did not follow established rules, and in some cases, parties later denied such settlements,” an official stated.

    As a result, detailed guidelines were issued on Feb 2.

    Now, mutual settlements must be executed on non-judicial stamp paper worth Rs 100. They must be notarized and signed by the director, managing director, or CEO of the promoter, as well as by the allottee.

    “Witness signatures from both parties are required. The settlement terms must be clearly defined and should comply with applicable laws and public policies,” the official added.

    The settlements provided by promoters will be uploaded to the authority’s website, and UP-RERA will verify them.

    If a party does not appear for physical verification, they must verify via email. Further proceedings will only continue after email verification. If a party does not respond to the email within the given time, it will be assumed that they consent to the settlement,” the official mentioned.

    UP-RERA chairperson Sanjay R Bhoosreddy stated that these guidelines benefit both promoters and allottees.

    “These directions were necessary due to many cases of flawed settlement deeds being filed. Once settlements are executed as per UP-RERA’s directions, parties cannot later deny them. These settlements will help conclude proceedings successfully,” Bhoosreddy added.

    Credits: Et Realty

    Also read : Haryana RERA Directs Mahira Homes to Deposit Funds in RERA Accounts

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