UP-RERA Issues Strict Guidelines to Developers on Advertisements
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a strong directive to real estate developers and agents, urging them to strictly comply with advertising guidelines to avoid financial penalties. Chairman Sanjay Bhoosreddy emphasized
UpreraReal EstateAdvertisementsRegulatory GuidelinesFinancial PenaltiesReal EstateJan 24, 2025
Sanjay Bhoosreddy, chairman of the authority, emphasized that all promotional materials for marketing and sales must adhere to the prescribed guidelines to avoid financial penalties.
Bhoosreddy also cautioned homebuyers to refrain from investing in projects that fail to include mandatory RERA registration numbers, website links, unique QR codes, or declaration accounts in their advertisements.
Failure to comply with these requirements could result in significant financial penalties for developers and agents.
UP-RERA has already imposed financial penalties amounting to Rs 266 crore against 91 developers and agents for violating these guidelines.
Homebuyers have been urged to verify project details online before making investment decisions to avoid financial risks.
Any misleading advertisements issued without the required disclosures will be subject to strict legal and financial actions by UP-RERA.
Bhoosreddy said that these measures are applicable across various media channels, including print, television, social media, digital platforms, and outdoor hoardings.
He warned that repeat offenders could face financial penalties amounting to up to 5% of the project's total cost.
The authority feels that developers often withhold such information in their promotional documents with the intention of making economic gains by keeping homebuyers in the dark.
This move is aimed at ensuring transparency and fairness in the real estate market, ultimately protecting the interests of homebuyers and maintaining the integrity of the sector.
Frequently Asked Questions
What is UP-RERA?
UP-RERA stands for Uttar Pradesh Real Estate Regulatory Authority. It is a regulatory body established to protect the rights of homebuyers and promote transparency and accountability in the real estate sector in Uttar Pradesh.
What are the key requirements for real estate advertisements according to UP-RERA?
According to UP-RERA, all advertisements must include the RERA registration number, website links, unique QR codes, and declaration accounts. These requirements are designed to ensure transparency and provide homebuyers with essential information.
What are the penalties for violating UP-RERA guidelines?
Violating UP-RERA guidelines can result in significant financial penalties. UP-RERA has already imposed penalties amounting to Rs 266 crore against 91 developers and agents. Repeat offenders can face penalties of up to 5% of the project's total cost.
How can homebuyers verify project details?
Homebuyers can verify project details online by checking the RERA website for the project's registration number and other mandatory disclosures. This helps avoid financial risks and ensures that the project complies with regulatory guidelines.
Why is UP-RERA taking such strict measures?
UP-RERA is taking strict measures to ensure transparency and fairness in the real estate market. The authority aims to protect homebuyers from misleading advertisements and fraudulent practices, thereby maintaining the integrity of the sector.
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