UP RERA Sets New Record with 37 Project Registrations

Lucknow / Gautambuddh Nagar: UP Real Estate Regulatory Authority (UP RERA) issued registration certificates to a record 37 new projects in September 2024. These projects represent an estimated investment of Rs. 7,198 crore and will offer 11,281 residential and commercial units across 5.93 million square meters of land. 

Ghaziabad and Lucknow lead the pack with seven projects each, followed by Gautam Buddha Nagar (6), Mathura (4), Jhansi and Prayagraj (3 each), Meerut and Agra (2 each), and one project each in Bijnor, Gorakhpur, and Moradabad, a statement from UP RERA said. 

To ensure consumer protection, UP RERA has issued strict guidelines for promoters of newly registered projects. Promoters are now required to prominently display the Project Registration Number, unique QR code, RERA website, and Project Collection Account number in all advertising materials. Additionally, they must install a copy of the registration certificate at their office, site office, and construction site.

UP RERA has also emphasized the importance of timely project completion and regular submission of quarterly progress reports (QPRs) on the RERA portal. These measures aim to increase transparency and provide home buyers with access to essential project information, the statement added. 

UP RERA aims to empower home buyers by encouraging them to visit the RERA portal. On the portal, buyers can access vital information about projects, such as land records, approved maps and layouts, number of phases, towers, floors, and units, amenities, entry/exit points, basement details, electricity supply system, proposed completion date, occupancy/completion certificate status, promoter information, construction progress, and complaints filed. This empowers buyers to make informed decisions and avoid potential issues, the statement added. 

Sanjay Bhoosreddy, Chairman of UP RERA, emphasized the importance of transparency in the real estate sector to build stakeholder confidence. He congratulated the promoters of all 37 registered projects and advised them to provide home buyers with transparent project information, as outlined in the instructions accompanying Form C. By adhering to these guidelines, the real estate sector can benefit from improved regulation and development. Promoters should sell units based solely on facts, approved maps, and layouts, complete construction on time, and deliver possession without deviating from the terms of the sale agreement.