UP-RERA Cracks Down on Non-Compliant Projects
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has taken significant measures to ensure transparency and protect potential investors in real estate projects. During a recent review, UP-RERA identified numerous projects whose promoters have failed to upload essential documents, such as maps and land ownership records, on its portal. Despite repeated reminders since 2018, about 400 projects have not complied, with 160 of them missing both the map and land ownership documents.
Sanjay Bhoosreddy, chairman of UP-RERA, emphasized the importance of these documents, noting that they are crucial for potential buyers to make informed decisions. Without verified approvals and land records, there is a risk that investors could be misled by projects that only display a RERA registration number in advertisements.
In response, UP-RERA has classified these non-compliant projects as ‘projects in abeyance.’ This classification serves as a warning to potential investors to exercise caution and conduct thorough due diligence before investing in such projects. Bhoosreddy has urged promoters to promptly upload the necessary documents to avoid strict punitive actions.
Additionally, UP-RERA has noted some progress, with completion certificates received for three projects and applications submitted for four more. Furthermore, 25 project promoters have requested editing access to update their documentation on the portal.
The authority’s actions aim to enhance transparency and safeguard the interests of homebuyers by ensuring that all necessary project information is readily available for review on the UP-RERA portal.
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