As a homebuyer in India, you can choose from various real estate options. However, liking an apartment isn’t enough. You have to ensure that you pick one that’s worth the amount your investing, features sound construction and also has the necessary licenses and clearances from the government. To ensure that you’re not fooled by developers or real estate agents and that you get value for your money, the government established RERA. The Uttar Pradesh Real Estate (Regulation and Development) Act 2016 is subset of this, as it aims to regulate and promote the state’s real estate sector.
An Introduction about RERA UP
What is RERA Act in Uttar Pradesh?
The UP RERA Act of 2016 has provisions in place to ensure efficiency and transparency in the real estate sector of Uttar Pradesh. The official date for UP RERA notification was October 27, 2016 and this Act has been in effect ever since.
It aims to protect your interests as a buyer and also those of promoters and real estate agents. In addition, as a buyer you also get access to quicker redressal services courtesy of the RERA Act in UP. It has an established adjudicating body that is specially designed to handle such queries in a speedy and fair manner.
Take a closer look at the various aspects of RERA UP to understand RERA’s impact on the real estate sector within the state and RERA benefits for first time homebuyers.
What are the Functions of the RERA Act in UP?
As the RERA UP exists to implement the RERA Act of 2016, it’s important that you understand this first. Simply put, this is a bill that the Upper House of the Parliament passed to counter the malpractices in the real estate sector that were harming home buyers. By setting up state-level RERA bodies such as UP RERA, the government’s goal is to streamline the real estate sector and make it more transparent.
The UP RERA Act’s functions are as follows:
- To ensure that properties are properly disclosed by all developers within the state
- To register real estate agents and hold them accountable for their services
- To register every real estate project undergoing construction within the state of Uttar Pradesh
- To offer property-related grievance redressal services
- To establish an appellate tribunal to address appeals in a timely manner
How can You access RERA Act UP’s Approved Projects List?
As a prospective homebuyer, check the RERA registration details for your chosen property on the official UP RERA website.
Other than the details of your chosen property, you will also be able to view the list of all RERA registered properties in Uttar Pradesh. Officials have confirmed that 2,600 projects have been registered, as well as 1,440 developers and 2,981 real estate agents.
What are the Rules and Regulations of the UP RERA Act?
Before investing in a RERA approved property, take some time to understand RERA rules and regulations. While you can find the list online, here are two of the most notable points to keep in mind.
- A promoter/developer/builder is prohibited from making any changes to the initially agreed plans for construction without approval from at least two-thirds of the allottees
- The promoter/developer/builder is required to pay interest to homebuyers for every month of delay if he/she fails to hand over possession of the property by the deadline mentioned on the sale deed
How can You Register with RERA UP?
To register projects under RERA Uttar Pradesh, these are steps every stakeholder has to follow.
- Visit the official RERA UP website
- Hover over the ‘Registrations’ button and select ‘Projects’ from the drop-down menu
- You will then be asked to select the type of user. Pick the most appropriate option from the list, either ‘Promoter’ or ‘Agent’
- Enter your personal details, email ID and password to login
This will redirect you to a project registration page, where you can fill out the form and attach all supporting documents - Pay the registration fee and complete the project registration process
In order to prepare for the registration as a promoter, here are the document you will require.
- Copy of PAN card
- IT returns for the past 3 years
- Encumbrance certificate of the land or property
- Written application as per the format of Form A, sub-section (1), section 4
- Balance sheet for the last financial year
What are the Fees and Charges of RERA Uttar Pradesh?
In order to carry out the construction of a residential or commercial project, you will have to pay a fee. Here is what you must pay to register your RERA UP project.
For Residential Properties:
- Rs.10 per square metre for land not exceeding 1,000 square metres
- Rs.500 per 100 square metres for land exceeding 1,000 square metres
For Commercial Properties:
- Rs.20 per square metre for land that is proposed for development, not exceeding 1,000 square metres
- Rs.1,000 per 100 square metres for land that is proposed for development, exceeding 1,000 square metres
As you may notice, purchasing property in UP today is a safe bet as RERA protects your investment. Moreover, you can simplify financing the home by opting for a home loan with a housing loan interest and value-added features. It significantly reduces any stress on your finances as you can repay it over a long, flexible tenor.
An exceptional option is the Bajaj Finserv Home Loan that offers up to Rs. 15 crore* for a flexible tenor of up to 40 years at a low interest rate. Bajaj Finserv also gives you access to pre-approved offers to expedite application and approval. To check your pre-approved offer online, simply share basic details like your name and phone number.
Looking for instant financing? Think it. Done. With Bajaj Finserv, you can start the process of becoming a homeowner today!
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