UP RERA

A Guide to UP RERA Registration Process, Charges and Documents Latest News UP RERA UP RERA registers 23% growth in Project Registrations January 2023 UP RERA has witnessed a growth of 23% in the new project registration for the year 2022 compared to the previous year. Around 215 new projects were registered under UP RERA in 2022. The number of projects registered in 2018, 2019, 2020, and 2021 is 258, 216, 161, and 174, respectively. There was a sharp decline in the number of registered projects in 2020 and 2021. The decline was majorly witnessed due to the COVID19 pandemic. The decline was almost around 60%. In the year 2022, during the first half of the year, around 125 new projects were registered. Another 90 new projects were registered in the second half of the year, including mixed land use and commercial real estate projects. This increase in the registration of projects is indicative of increasing demand for real estate properties. UP RERA An Overview The Real Estate Regulation and Development Act, 2016, abbreviated as RERA, is an act that regulates the real estate market of India. The Act was passed in Parliament in 2016 and came into force on May 1, 2016. However, RERA Act 2016 has subsets of every states RERA authority. Similarly, Uttar Pradesh has a real estate regulatory body known as UP RERA. The body, RERA UP, came into existence on October 27, 2016, and aims to protect the interest of home buyers and boost real estate investments in Uttar Pradesh. How RERA benefits homebuyers This blog gives you the low down on UP RERA project details, UP RERA registration process, RERA UP charges, documents and more. Salient Features of UP RERA UP RERA benefits home buyers, real estate agents, and promoters. The following are the features of UP RERA The Act aims to regulate the Real Estate Regulatory Authority and promote the real estate sector. It ensures transparency in real estate projects. A speedy dispute resolution mechanism is established to protect the interests of home buyers. A buyer can check all the information regarding a builder or a promoter. The State Real Estate Regulatory Authority should be approached in case of discrepancies. The authority governs both residential and commercial property transactions. All developers and real estate agents must register with the RERA UP. They must provide information like project plan, layout, government approvals, land title status, sub contractors, etc. In the case of rule violation, the appellate tribunal penalizes with a penalty of up to three years of jail or both. A home buyer will not suffer if the project is delayed in this case, the developer is liable to pay the same EMI paid by the consumer. It is mandatory for every project measuring more than 500 sq meters or eight apartments to register with the UP RERA. How to Check Registered Projects on UP RERA? It is advised to check the registered projects on the UP RERA website to avoid discrepancies in future. You can easily do it by visiting the official UP RERA website. Once on the website, click on the Registered Project from the Important links. A new page will open up, where you will be asked to fill in details like Project Name, Registration Number, and Promoter and then enter Captcha. Now, click on Search and View Details to check the project details. You can also choose to download the project summary or other information. Documents Required for Registration Under UP RERA A promoter will have to submit scanned copies of the following documents to register a project under RERA UP PAN Card Previous years Balance sheet Last three years Income Tax Returns Project Plan copy Number of parking areas in the project The title deed of the promoter or land Encumbrance Certificate of the project or land on which the project is built Collaboration agreement or joint agreement Document List for Agent in RERA UP A promoter will have to submit the following documents to register a project under RERA UP PAN Card Real estate agent details Name, registered address, enterprise type etc Registration particulars Memorandum of Association. Articles of Association. Last three years ITR Address proof of business entity. Conclusion to RERA UP The RERA UP Act came into force on October 27, 2016. The RERA UP aims to safeguard the interests of homebuyers and regulate the states real estate sector. The state government has also launched an online portal to make things easy for all the parties involved in the market. UP RERA website can be used for registration as a promoter or agent, filing a complaint, or even checking the defaulter list.