Promoters Should Discharge Their Project Obligations: UP RERA Chairman

Lucknow, November 2, 2023: UP RERA on Thursday, organized a seminar for promoters at Lucknow head office. In the seminar promoters were informed about complete life cycle of a real estate project, which includes fulfilling all obligations right from the registration of a real estate project till its completion. This helps consumers of the sector to access accurate and updated information about the project from the portal which will be reliable and they won’t depend on others for this. Ultimately, this will help promoters to work smoothly on the portal. More than 40 promoters joined the seminar with home buyers association, said UP RERA.

 Technical team of U.P. RERA presented the entire life cycle of the project and apprised the promoters about requirement of 3 bank account- collection, separate and transaction with standing instruction, registered agreement in case of more than 1 promoters, documents of land titles, high resolution and clear copy of approved maps and other documents of development authorities because same update reflects on the portal, update of project QPR every quarter, etc. Further, they were enlightened about various reasons of the rejection of the application of project registration.

 Promoters were also told about disposal of the complaints and execution of the orders, required documents for project extension applications with reasons and plan of project completion, uploading OC/CC with all NOC for consumers to view, appointment of apt officer for periodic review of project details on portal with responsibility of project closure account. U.P. RERA updated about some new initiative related to training of agents, SOP for advertisements, director for correspondence with RERA, active contact numbers for information and having knowledgeable person to answer calls. All above points affect decisions of the consumers and that is why it should be updated on regular basis.

  Promoters and associations were advised to fill all details related to project and its importance and usage while working on the portal. Association of Home Buyers were also apprised about the rights and obligations followed by the question and answer session.

 UP RERA Chairman said, “We are committed to ensure availability of information while registration of the new real estate projects. Real estate project maps will be super imposed on the maps of revenue department to restrict any kind of tampering with approved maps. Promoters need to review their project details uploaded on the portal and revise them to ensure proper functioning. This will ensure flow of reliable information about projects, assign responsibility of periodic information upload and answerability.”

Members of CREDAI and NAREDCO mentioned that they are getting support from RERA. They need support in terms of Completion Certificate from authorities to close project account in RERA. Further they mentioned role of Conciliation Forum in settlement of the disputes with home buyers. They expressed demand of bringing development authorities under the ambit of the RERA Act that plays important role in the timelines of the project.