RERA, referred to as Real Estate Regulation and Development Act, 2016, is an act that regulates the Indian real estate market. This Act was passed in Parliament in 2016, and it came into force on May 1, 2016. However, RERA Act 2016 includes subsets of every Indian state's RERA authority.
Likewise, UP, i.e. Uttar Pradesh, also has a real estate market regulatory body called UP RERA. The body RERA UP came into existence on October 27, 2016, with the main aim of protecting the interest of home buyers of UP. Besides this, UP RERA focuses on boosting the real estate investments in the state of Uttar Pradesh.
Today, in this article, we will give you the details of UP RERA, including its features, documents required, charges etc.
Key Features of RERA UP
Following are the salient features of UP RERA:
1. The Act ensures transparency in real estate projects in UP.
2. The Act aims to regulate the Real Estate Regulatory Authority and promote the real estate sector in the state.
3. A buyer of property in UP can check all the information relating to a promoter or builder.
4. A speedy dispute resolution mechanism is in place to protect the interest of home buyers.
5. The State Real Estate Regulatory Authority must be approached in case of any discrepancy.
6. In case of any rule violation, the appellate tribunal penalises with a monetary penalty or up to 3 years of jail or both.
7. All the real estate agents and developers of the project in UP must be registered with UP RERA. They also have to provide information like layout, project plan, government approvals, land title status etc.
8. It is compulsory for every project in UP measuring more than 500 sq metres or 8 apartments to register with the UP RERA.
9. As per UP RERA, a home buyer will not suffer if the project is delayed. In this scenario, the project developer is liable to pay the same EMI paid by the customer.
10. RERA UP governs both commercial and residential property transactions.
Check Out: RERA Act Defined & Simplified: Salient Features | Benefits
Documents Needed for Registration Under UP RERA
A promoter will have to submit the scanned copies of the below-listed documents in order to register a project in UP under RER UP:
1. PAN Card
2. Last 3 years' Income Tax Returns
3. Previous years' Balance sheet
4. Project Plan copy
5. Title deed of the land or promoter
6. Number of parking areas in the project
7. Collaboration agreement or joint agreement
8. Encumbrance certificate of the real estate project or land on which the project is built
Documents Needed for Agent in RERA UP
Following are the documents required for an agent in UP RERA:
1. PAN Card
2. Address proof of the business entity
3. Last 3 years' Income Tax Returns
4. Article of Association
5. Memorandum of Association
6. Registration particulars
7. Real estate agent details, including name, registered address, enterprise type etc
Check Out: Rights and Duties of Homebuyers under RERA
UP RERA Charges and Fees
1. Registration charges and fees for agents:
The individual agent charges Rs. 25000 as the Registration fee and Rs. 5000 as Renewal fee.
Agent other than individual charges Rs. 250000 as the Registration fee and Rs. 50000 as Renewal fee.
2. Registration charges and fees for promoters:
In the case of a residential project, Rs. 10 per sq.m. is charged for an area up to 1000 sq.m. On the other hand, Rs. 500 per 100 sq.m. is charged for an area of more than 1000 sq. m.
In the case of a commercial project, Rs. 20 per sq.m. is charged for an area up to 1000 sq.m. On the other hand, Rs. 1000 per 100 sq.m. is charged for an area of more than 1000 sq. m.
3. Other charges in UP RERA
Apart from the charges above, a few other charges will have to be paid as per your needs. These could be withdrawal of application or an appeal, filing a complaint etc. Below are the charges for the same:
Complaint against anyone: Rs. 1000
Withdrawal of application of registration: Rs. 50000 or up to 10% of the registration fee, whichever is higher
An appeal under Section 44(1): Rs. 1000
How to Register a Project in UP Under RERA UP?
Step 1: Go to the official website of UP RERA.
Step 2: Click on "Registrations" from the menu bar and click on "Promoter" from the drop-down list.
Step 3: Enter the details like mobile number and OTP, which you will receive on your mobile phone. Later, click on "Verify".
Step 4: Now, a new web page for the registration of promoters will open up. On that page, fill in details like contact information, name, PAN, address and Aadhaar Card. Once a promoter is registered, a project in UP can be registered.
Step 5: Now, go back to the Home page and tap on "Registrations"> "Project". You will then be redirected to a new page. There, choose a User Type, Username, Password, Enter Captcha and tap on login.
Step 6: Finally, a new form will open up. Enter all the required information, pay registration charges online, and the registration will be successfully completed.
Also Read: Rights and Duties of Homebuyers under RERA