Property buyers frequently face deceit after investing millions. To protect from such frauds, the UP Real Estate Regulatory Authority (UP RERA) has alerted people to ensure checking whether a project is registered with RERA before any investment. Throughout the country, many buyers have been trapped by these projects. Some builders absconded with the money, while others are ensnared in legal disputes for years.
UP RERA advises buyers to ensure transparency and prevent fraud by verifying project details and promoter credibility on their portal before investing. UP RERA has furnished all the necessary information about promoters on its portal, aiding buyers in gaining insights into projects and their developers.
RERA Chairman Sanjay Bhoosreddy stated that buyers should visit the RERA portal homepage, click on registered projects in the search link, and a list of promoters and projects will be displayed. On this page, they can search using the promoter or project name or the project registration number. He emphasized that people will benefit from RERA's actions only by staying vigilant and avoiding hasty decisions based on incomplete information. RERA has decided to ensure allottees' money is used securely and correctly.
The purpose behind introducing the RERA law was to curb the arbitrariness and fraud of builders. Prior to 2016, the real estate sector was quite unorganized, posing significant challenges to the common man when purchasing property. Considering the interests of buyers, the government introduced this law in 2016. It's a regulatory body that oversees the real estate sector, enhancing transparency, accountability, and efficiency while protecting the interests of both buyers and developers. If a property purchaser faces any deceit, they can file a complaint with RERA.
Every state government has its RERA authority that regulates all real estate projects. Builders are required to submit original documents for initiated projects, and they cannot alter the plan without the buyer's consent. A significant benefit post-law is that builders must obtain approval before selling any project. This approval ensures all details about who's constructing are documented, allowing property buyers to understand precisely what type of property they're purchasing.
Some flat buyers also complain that if they approach RERA with a complaint, builders threaten to cancel their bookings. Rahul Tandon, a flat buyer from Mahagun Montage, recounts that when he didn't receive his flat on time and complained to RERA, the situation worsened, with threats from the builder to cancel the unit.
It has been almost nine years since the implementation of RERA, but people's grievance remains that RERA is simply a paperwork lion. Even today, hundreds of such buildings, having turned into ruins, are in the Delhi-NCR region, with no remedies emerging. Perhaps stricter RERA measures might benefit buyers.
