Safeguard Your Real Estate Investments: UPRERA's Guidelines for Home Buyers
The UP Real Estate Regulatory Authority (UPRERA) has emphasized the importance of executing sales and purchase of real estate projects only through agents registered with the UPRERA to safeguard the interests of all stakeholders.
Real EstateUpreraHome BuyersAgentsRegistrationReal EstateSep 17, 2024
This move comes in the wake of an increasing number of complaints related to the sale of flats based on misleading information and duping of home buyers by agents. According to UPRERA, most properties are being booked, sold, and purchased through agents, and there have been instances of consumers not taking sufficient care when making investments through agents.
At times, they make such investments through agents not registered with the UPRERA. If a sale of property is not through a UPRERA-registered agent, then home buyers will not get any relief through UPRERA if there is any foul play.
Real estate agents have an important role in the real estate sector. It is of paramount importance that they show transparency and credibility. We are aiming at the introduction of professionalism in the work of Real Estate Agents, said Sanjay Bhoosreddy, chairman, UPRERA.
The UPRERA has made arrangements for training and certification of agents. Homebuyers will also verify the registration details of such agents from our website. All these steps are in the larger interest of home buyers and also promoters, UPRERA chief asserted.
Before investing in a project through an agent, a home buyer can also verify the registration number of the agent from the ‘Registered Agent’ page on the UPRERA portal (www.up-rera.in) and the list of agents associated with the project.
UPRERA issued guidelines ‘Kya Karen, Kya na Karen’ in February this year whereby agents were instructed to publish their UPRERA registration number along with the registration number of the project and web link of UPRERA in any promotion or prospectus of a project.
The object of these guidelines is to ensure that home buyers get correct information. Accordingly, the UPRERA has taken a decision that henceforth it will grant registration to the persons and institutions willing to work as agents only if they have acquired minimum requisite skills and also have suitable aptitude for this profession.
Now, UPRERA has made short-term training and certification mandatory both for registration as an agent and for extension of this registration. Any person can verify the particulars of an agent from the ‘Registered Agent’ page on U.P. RERA portal www.up-rera.in.
Information The UP Real Estate Regulatory Authority (UPRERA) was established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in the state of Uttar Pradesh. The authority is responsible for protecting the interests of home buyers and promoting transparency and accountability in the real estate sector.
The UP Real Estate Regulatory Authority (UPRERA) is a regulatory body established to oversee the real estate sector in Uttar Pradesh. The authority is responsible for registering real estate projects and agents, and ensuring compliance with the provisions of the Real Estate (Regulation and Development) Act, 2016.
Frequently Asked Questions
Why is it important to execute sales and purchase of real estate projects only through agents registered with the UPRERA?
It is important to execute sales and purchase of real estate projects only through agents registered with the UPRERA to safeguard the interests of all stakeholders and to ensure that home buyers get correct information.
What happens if a sale of property is not through a UPRERA-registered agent?
If a sale of property is not through a UPRERA-registered agent, then home buyers will not get any relief through UPRERA if there is any foul play.
How can home buyers verify the registration details of an agent?
Home buyers can verify the registration details of an agent from the ‘Registered Agent’ page on the UPRERA portal (www.up-rera.in) and the list of agents associated with the project.
What are the guidelines issued by UPRERA for agents?
UPRERA issued guidelines ‘Kya Karen, Kya na Karen’ in February this year whereby agents were instructed to publish their UPRERA registration number along with the registration number of the project and web link of UPRERA in any promotion or prospectus of a project.
Is training and certification mandatory for agents?
Yes, UPRERA has made short-term training and certification mandatory both for registration as an agent and for extension of this registration.
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