UP RERA - KNOW ABOUT UP RERA ACT 2016 | RERA APPROVED PROJECTS
Team MoneyTree
Posted on - 12 July, 2024
UP RERA - An Overview
UP RERA is the state regulatory authority which is responsible for streamlining real estate business practices across the state of Uttar Pradesh and maintaining transparency, integrity, and accountability in the property buying and selling process. The UP RERA Act 2016 came into existence on and from 27 October, 2016 and consists of 10 chapters which are further classified into 92 provisions, bringing uniformity and standardised professionalism in the real estate sector, for buyers and builders across the state.
UP RERA works under the leadership of its board members and the chairman, Mr. Sanjay R. Bhoosreddy.
UP RERA Full Form and its Analysis
UP RERA is the acronym for Uttar Pradesh Real Estate Regulatory Authority, which came into existence to bring regulation and standardised practices in the blooming real estate sector. UP RERA upholds the rights and interests of buyers and builders and provides a fast-track mechanism for dispute resolution.
Need for a Real Estate Regulatory Authority in UP
The real estate industry of Uttar Pradesh is blooming with state-of-the-art infrastructure featuring top-notch commercial and residential properties from leading real estate builders in the country.
Although it was widely unregulated. UP RERA brings uniform rules and regulation and brings trust and confidence from buyers and real estate investors in the sector.
What are the benefits of UP RERA?
UP RERA changed the dynamics of the real estate sector by bringing revolutionary changes and streamlining the real estate business. The key benefits of UP RERA include:
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Brings transparency to real estate transactions
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Introduce standardised and streamlined practices in the sector
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Infusing professionalism into the real estate industry
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Ensure accountability and integrity for buyers and builders
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Introduce a fast-track mechanism for dispute resolution
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Boost the confidence of investors in the real estate industry with a regulatory body
Roles of UP RERA
The RERA Act 2016 mandates the regulation of commercial and residential properties under the state regulatory authority. UP RERA governs the regulation of all types of real estate and instructs builders/promoters to register their upcoming projects exceeding 500 sq metres, or more than 8 apartments with the regulatory. It also mandates builders and channel partners to bear the unique project-wise RERA registration number while marketing and selling their real estate project.
The roles of UP RERA include:
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To bring regulation and promotion to the real estate sector
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To ensure transparency and quality in real estate projects
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To address the rights and interests of buyers and builders
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To enlist builders in providing original and accurate information regarding real project
Impact of UP RERA on the Real Estate Sector
UP RERA has changed the dynamics of the real estate sector in India by bringing standard professionalism across all real estate projects in the country. The RERA Act 2016 enhances the quality of upcoming projects and ensures their timely delivery taking into consideration the rights and interests of both buyers and builders.
The crucial impacts of the UP RERA Act are:
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UP RERA mandates all builders to bear the unique project-wise RERA registration during the marketing and selling of their real estate projects for authenticity.
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UP RERA restricts promoters/builders to make changes to the sanctioned plan without the prior consent of ⅔ of the buyers.
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The state regulatory authority establishes a fast-track portal for grievance redress and dispute resolution.
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UP RERA mandates promoters/builders to rectify any issue raised by the buyer within the first 5 years of project delivery.
Defining Carpet Area under UP RERA Act
UP RERA instructed promoters to market and sell their real estate projects based on the standardised ‘carpet area’ and not the ‘super built-up area’. The RERA Act 2016 set the standard definition of ‘carpet area’ across all real estate projects like apartments, retail shops, plots, malls, multiplexes, and buildings in the country and enhanced the property buying and selling experience.
Definition of Carpet Area under the RERA Act 2016:
‘Carpet Area’ refers to the net usable area of an apartment in a real estate project, excluding the area covered under external walls, service shafts, exclusive balcony/veranda area, and exclusive open terrace area. The ‘carpet area’ includes the area covered under the inner walls of partitions.
Setting the standard definition of ‘carpet area’, including others like ‘advertisement’, ‘agreement for sale’, ‘building’, ‘commencement certificate’, ‘completion certificate’, ‘occupancy certificate’ etc, enables clear transparency and authenticity in real estate transactions.
Rules and Regulations in UP RERA
The key rules and regulations in UP RERA include:
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A real estate project exceeding more than 500 sq metres, or more than 8 floors is required to bear a unique RERA registration number after submitting original documents regarding the project's sanctioned plan, and authenticated certificate.
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UP RERA Act mandates promoters/builders to deposit 70% of investors’ and buyers’ money in a discreet bank account which would then be allotted for property-related constructions.
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It enables the right of the consumer to ask for compensation from the promoter in case of any discrepancy in the real estate project delivered.
UP RERA Registration Process: Explained
UP RERA mandates all real estate builders across the country to get their RERA certificate from the state regulatory authority and get their project ‘RERA approved’.
Here, we list the step-by-step process for getting a real estate project RERA approved:
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Step 1
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Visit the official UP RERA website. Click the link here.
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Step 2
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Hover over to ‘Registrations’ in the upper menu and select ‘Project’ from the drop-down menu.
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Step 3
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You will be directed to the sign-up/sign-in window. Select the most appropriate type of user among ‘Promoter’, ‘Agent’, or Competent Authority’.
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Step 4
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Fill in the required details like username, email, password and captcha.
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Step 5
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You will then be redirected to the project registration page. Fill out the details in the form and attach the required documents and certificates
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Step 6
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Lastly, pay the registration fees to complete the process.
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Documents required to complete the registration process in UP RERA:
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Copy of PAN Card
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IT Returns for the last 3 years
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Encumbrance Certificate of the land/property
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Balance Sheet for the last financial year
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Written application in accordance with the format given in form - A, under sub-section(1) of the section 4.
Fees and Charges for getting RERA Registration
To complete the registration process of your commercial or residential property, you need to pay a fee. Here, we list the charges that you must pay while registering your project in UP RERA:
For Residential Properties:
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Land not exceeding 1,000 square metres
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₹10 per square metre
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Land exceeding 1,000 square metres
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₹500 per 100 square metres
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For Commercial Properties:
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Land not exceeding 1,000 square metres
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₹20 per square metre
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Land exceeding 1,000 square metres
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₹1,000 per 100 square metres
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UP RERA Registered Projects
UP RERA mandates all builders to get their real estate project approved with the regulatory authority. RERA approved projects make it easier for home buyers and investors to make a comprehensive analysis of the property while upholding practices of transparency and authenticity during the transaction.
How to check RERA Approved Projects?
If you are looking to buy property for sale and make a strategic real estate investment, you need to understand market trends and details regarding the real estate project. UP RERA makes it easier for prospective home buyers and real estate investors to check the details of the project.
You can check the details regarding a particular project on the UP RERA website. It shows you all the necessary details of the project, including its sanctioned plan, design layout, time of completion of the project etc.
Top UP RERA Project Details
The state of UP is emerging with state-of-the-art commercial and residential properties with top-notch amenities and facilities and features seamless connectivity via major expressways like the Yamuna Expressway, Ganga Expressway, and Bundelkhand Expressway.
The upcoming ‘Noida International Airport’ also known as Jewar Airport boosts real estate development in the state. It has attracted many MNCs to set their offices in close proximity to Jewar Airport, and hence appreciate the property prices.
Top UP RERA approved projects include:
Commercial Properties
Residential Properties
Looking for RERA Approved Projects: Check RERA Website!
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