The Crucial States already notified RERA (Real Estate Regulatory Authority) Registration by launching RERA website where Uttar Pradesh, one of the fastest growing sector in real estate was lagging behind. Although the draft was notified by new State government on October 28, 2016 but they made certain amendments in the said rules and then showcased statutory rules for builders as well as consumers. With Conviction, the State government has announced that they will be launching the website for RERA UP on July 26, 2017.
As per section 3 and 4 of Real Estate (Regulation & Development) Act, 2016 (REDA) read with Rule 3 of above rules, no promoter/developer can sell, advertise, market, book or otherwise without getting the project registered with the RERA authority of Uttar Pradesh. The honorable Chief Minister Yogi Adityanath at a conference in CREDAI, asked all developers to get themselves to register themselves under RERA Rules before the deadline July 31, 2017.
With less than one week left for the deadline of RERA Filing developers are on their feet as RERA Registration in UP will be on its peak and they are suspicious that whether Registering themselves in such a short time will be possible or not as a sword of penalty will be hanging above their heads.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.