UP RERA Introduces Standardized Format for Possession Letters

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    The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has taken a proactive step to enhance transparency and mitigate potential disputes between promoters and flat buyers.as reported by Money Control On June 8, 2024, UP RERA announced the introduction of a standardized model format for possession letters, aiming to streamline the process of property possession and ensure clarity for all stakeholders involved.

    Addressing Ambiguities

    Promoters often issued ‘final demand letters’ or ‘final demand notices’ disguised as ‘Offer of Possession,’ leading to confusion among flat buyers. UP RERA Chairman, Sanjay Bhoosreddy, emphasized the importance of clarity in the purpose and language of possession letters to address this issue.

    The Model Format

    The model format of the possession letter provided by UP RERA ensures that it serves its intended purpose – inviting the allottee to take possession of their unit. Promoters are prohibited from including binding conditions that extend beyond the scope of possession. Additionally, any remaining construction work in the unit must be clearly outlined, along with the estimated duration for completion.

    Ensuring Compliance

    Promoters are mandated to adhere to the prescribed model format when issuing possession letters to allottees. Failure to comply with the specified guidelines may render the possession letter invalid. UP RERA also requires possession letters to be sent within two months of receiving the Occupancy Certificate (OC) or Completion Certificate (CC) for the project.

    Promoting Awareness

    To ensure widespread awareness and compliance, UP RERA outlined specific communication protocols for promoters. Besides sending possession letters via registered email and postal mail, promoters are required to inform allottees through SMS. Furthermore, information regarding possession procedures must be displayed prominently at the project site and the promoter’s head office.

    Facilitating Dispute Resolution

    The introduction of a standardized model format for possession letters by UP RERA aims to minimize disputes related to property possession. Uniformity in language and purpose across all possession letters will facilitate smoother transactions and enhance trust between promoters and allottees.

    Conclusion

    UP RERA’s initiative to introduce a standardized format for possession letters signifies a significant step towards ensuring transparency and clarity in real estate transactions. By standardizing the issuance of possession letters, the authority seeks to protect the interests of flat buyers and foster a conducive environment for the growth and development of the real estate sector.

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