Several real estate players in Greater Noida and Noida can heave a sigh of relief now that the Chief Minister of Uttar Pradesh, Yogi Adityanath has finally launched the official UP-RERA website. The online platform for registration is www.up-rera.in and the launch took place in an event held at Lucknow.
The launch of this online registration platform now means that registered real estate developers can easily promote their on-going and upcoming real estate projects through the Government portal itself. The major advantage of this platform for developer is that in Uttar Pradesh, they can register projects on this site and get instant RERA registration numbers as well. The real estate developers were unable to promote and advertise their projects previously since there were curbs on selling non-RERA projects in Uttar Pradesh as per the RERA Act. The last date for registration of developers is the 31st of July, 2017.
In the meantime, buyers are not too enthused by this new development. This is majorly attributed to the fact that the UP-RERA registration is quite similar to the format that was implemented by the Government when Akhilesh Yadav was the Chief Minister back in October, 2016. According to the President of the Noida Extension Flat Owners Welfare Association, Abhishek Kumar, it has always been a major demand for implementation of RERA in its pure format in Uttar Pradesh as it was introduced by the Central Government. He added that the UP-RERA takes a softer stance towards real estate developers and added that this will be challenged by them in court.
Indian homebuyers are plagued on account of perennial delay problems when it comes to project construction and delivery and also pay charges for spaces outside their own homes along with maintenance expenditure right after the purchase and several other issues. The Real Estate Regulation & Development Act of 2016 or RERA may address several of these issues which have left homebuyers jaded, weary and immensely frustrated. The Act will also increase the overall responsibility and accountability of real estate developers.
