Wednesday, July 24, 2024

UP Rera Implements Stricter Guidelines for Homebuyer-Developer Settlements

In response to observed instances of non-compliance with existing norms, the Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has issued comprehensive guidelines to monitor mutual settlements between homebuyers and developers. Officials revealed on Wednesday that parties involved in adjudication proceedings often file settlements, but adherence to established norms has been lacking, leading to complications later on.

Effective February 2, UP Rera has made it mandatory for mutual settlements to be executed on a non-judicial stamp paper of Rs 100. The settlement must be notarized and signed by the director, managing director, or CEO of the promoter, as well as by the allottee. Additionally, it should bear the signatures of one witness from each party, with clear and unambiguous terms and conditions that align with applicable laws and public policies.

To enhance transparency, settlements submitted by promoters will be uploaded on UP Rera’s web portal, subject to verification by its benches or offices. Parties not appearing for physical verification can do so through e-mail, with subsequent proceedings contingent upon this verification. Failure to respond to the e-mail within the stipulated time will be deemed as the party’s consent to the settlement.

Sanjay R Bhoosreddy, Chairperson of UP-Rera, emphasized that these guidelines serve the interests of both promoters and allottees. The directives were deemed necessary due to instances of defective settlement deeds, and once settlements adhere to UP-Rera’s directions, parties will not have the liberty to deny them later. Bhoosreddy believes these guidelines will contribute to the successful conclusion of proceedings.

Related Articles

Latest Articles