The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced a new directive aimed at ensuring transparency and accountability in the real estate sector. According to the directive, promoters must have legal title over the land on which they are seeking registration for their projects. This move comes in response to the challenges faced by allottees in obtaining clear title and shares in the project land, all while adhering to RERA’s provisions.
Consent From Landowners and Joint Development Agreements
Under the new directive, if the land for a project is not owned by the promoter but by another individual or individuals, the promoter must obtain the expressed consent of the landowner for the development of the proposed project. In addition, the promoter is required to have a registered joint development agreement (JDA) with the landowner in order to proceed with the project.
Affidavit to Confirm Unencumbered Project Land
In an effort to prevent any encumbrances on the land, UP-RERA is also requiring promoters to submit an affidavit confirming that the project land is unencumbered. This stipulation aims to protect the interests of the allottees and to ensure that they receive clear title to the properties they invest in.
Completion and Occupancy Certificates
Chairman of UP-RERA, Sanjay Bhoosreddy, emphasized that RERA’s provisions clearly state that promoters must obtain the Completion Certificate (C.C.) and Occupancy Certificate (O.C.) for their projects. These certificates validate the completion of construction and allow for the transferring of title to the respective allottees. The requirements for transferring titles include using a registered sale deed or sub-lease deed, as applicable.
Promoting Accountability and Streamlining Project Registrations
This directive from UP-RERA is a significant step towards promoting transparency and accountability in the real estate sector. By implementing these measures, the authority aims to address the challenges faced by allottees and streamline the process of project registration.
Conclusion
Ensuring legal title over the project land, obtaining consent from landowners, and having a registered joint development agreement are crucial steps for promoters to fulfill. These requirements not only protect the interests of the allottees but also facilitate smoother project registrations. With these new directives in place, UP-RERA is taking concrete measures to promote transparency and efficiency in the real estate industry.
