UPRERA Implements Measures to Enhance Transparency in UP Real Estate Projects

    Date:

    Share post:

    The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has taken significant steps to improve transparency, responsibility, and credibility within the state’s real estate sector in line with the provisions of the RERA Act 2016. This move comes in response to concerns about missing or inaccurate information regarding real estate projects.

    To address these issues, UPRERA has mandated that project promoters provide accurate and complete details about project registration and information. They are also required to furnish functional contact numbers for effective communication with promoters. This directive aims to ensure that all stakeholders, including regulators and buyers, have access to reliable and up-to-date project information through the Authority’s portal.

    In line with the objective of promoting transparency, responsibility, and credibility as outlined in the RERA Act 2016, UPRERA has set out clear instructions for builders. They are now obligated to maintain uninterrupted correspondence with promoters, the regulatory body, and potential buyers. Additionally, they must regularly update all necessary project details on the UPRERA portal.

    Under the new guidelines, developers are required to furnish the contact details of a director who has been approved by board resolution for communication purposes. This requirement applies to both already registered projects and those proposed for registration.

    These measures were prompted by UPRERA’s discovery that various project details were either missing or diverged from the approved documents available on the portal. The regulatory authority has also directed project promoters to rectify any inaccuracies.

    Furthermore, UPRERA has raised concerns about contact numbers provided by promoters. They noted that, at times, these contact numbers were either non-functional or led to individuals who lacked the knowledge required to provide substantial responses. To address this issue, UPRERA has instructed all promoters to ensure that the contact numbers they provide are active and answered by knowledgeable individuals.

    In taking these actions, UPRERA aims to foster greater transparency and accountability in the Uttar Pradesh real estate sector, aligning with the principles of the RERA Act 2016.

    Also Read: UPRERA Seeks Compliance with RBI and RERA Guidelines for Real Estate Project Bank Accounts

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Real Estate Developers & Agents To Come Out and Register Under RERA: Anand Kumar, Chairman, NCT of Delhi RERA 

    Real Estate Developers & Agents To Come Out and Register Under RERA: Anand Kumar, Chairman, NCT of Delhi...

    Healthcare Giant Narayana Hrudayalaya Invests in Bengaluru Real Estate: Southern Market on the Rise

    Bengaluru Real Estate: Narayana Hrudayalaya, a healthcare company, recently bought a piece of land in Bengaluru for a...

    The aspiring generation driving growth of the student housing segment

    Over the past decade, India’s education system has transformed immensely. This is further accentuated by the country’s technological...

    Commercial Integration – Reshaping India’s Residential Landscape

    - by Akash Pharande, Managing Director - Pharande Spaces One important feature changing how people live and work in India's fast urbanizing terrain is the...