Thursday, June 20, 2024

UP-RERA’s Standardized Possession Letter: Ensuring Fairness and Transparency

UP-RERA has taken decisive steps to ensure fairness and transparency in the issuance of possession letters to property allottees. To prevent any arbitrary practices by promoters and to streamline the process, UP-RERA has introduced a standardized model format for these crucial documents, which is now accessible on the RERA portal for public scrutiny.

Sanjay Bhoosreddy, the esteemed chairman of UP-RERA, emphasized the singular purpose of the possession offer: to facilitate the smooth transition of ownership from developer to allottee. This underscores the significance of adhering strictly to the prescribed model format, as any deviation renders the document invalid.

Furthermore, promoters are mandated to issue possession offers using only the standardized format provided on the RERA portal. Any attempt to impose additional conditions beyond those outlined in the model format is strictly prohibited, ensuring fairness and equity for all allottees.

Upon the receipt of the Occupation Certificate (OC) or Completion Certificate (CC) for the project, promoters are obligated to dispatch possession offers to allottees through registered email, postal service, and SMS notification. This multi-channel approach guarantees that allottees are promptly informed of their eligibility to take possession of their units.

Crucially, the possession offer must transparently delineate any outstanding construction or finishing work within the unit, along with the estimated duration for completion. This transparency empowers allottees with essential information regarding the status of their property.

Moreover, any financial liabilities borne by the allottee must be explicitly outlined within the scope of the agreement for sale, supported by legal justification. The use of ambiguous terminology such as “demand notice” or “final demand notice” in lieu of the standardized possession offer is expressly prohibited.

Timeliness is paramount, as possession offers must be dispatched within two months of obtaining the OC/CC. Additionally, allottees are entitled to receive a copy of the OC/CC certificate issued by the development authority at the time of possession, further safeguarding their rights and interests.

In essence, UP-RERA’s proactive measures aim to instill confidence and trust in the real estate sector by fostering clarity, fairness, and accountability throughout the possession acquisition process.

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