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What are the rules of UP RERA?

What are the rules of UP RERA?

As of my last knowledge update in January 2022, the rules and regulations of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) could have been subject to updates or amendments. It’s crucial to check the official UP RERA website or consult with legal professionals for the latest and most accurate information. Below are some general points that were applicable as of my last update:

1: Registration of Projects and Agents:

All real estate projects with an area exceeding 500 square meters or involving more than eight apartments are required to be registered with UP RERA.

Real estate agents operating in the state are also required to register with UP RERA.

2: Project Delays and Delivery:

Developers are obligated to provide project completion timelines at the time of registration.
If a developer fails to deliver the project within the stipulated time, penalties may be imposed.

3: Financial Discipline:

Developers are required to deposit a specified percentage of the project cost in a separate bank account to ensure the timely completion of the project.

4: Transparency:

Developers must provide accurate project details on the UP RERA website, including project plans, layouts, approvals, and other relevant information.

5: Sale of Units:

Developers cannot advertise, market, or sell units in a project without registering the project with UP RERA.

6: Complaint Redressal:

UP RERA provides a platform for addressing complaints from homebuyers and other stakeholders. The authority has the power to resolve disputes and impose penalties for non-compliance.

7: Quarterly Updates:

Developers are required to provide quarterly updates on the progress of the project, including details on construction status, approvals, and any changes in the project.

8: Quality Assurance:

Developers must adhere to quality standards and specifications as mentioned in the agreement with the homebuyers.

Please note that these points provide a general overview, and the specific details of UP RERA rules can vary. Always refer to the latest official documents, notifications, and updates from UP RERA for the most accurate and up-to-date information.

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