UP RERA seminar with Promoters’ Association

Lucknow/Gautam Buddh Nagar, July 5, 2024: UP RERA on Friday organized a seminar with the representatives of the promoters’ associations – CREDAI and NAREDCO under the chairmanship of Chairman, Sanjay Bhoosreddy at Lucknow headquarters to explore various provisions of the RERA Act, the office orders issued in past few months and the aspects related to them. The objective of the seminar was to bring uniformity in the activities related to promoters as per RERA Act and to discuss the office orders issued such as: requirement of OC/CC papers for real estate projects and allottees, model format of offer of possession, maintenance of 3 bank accounts, standard operating procedure for promoters nomination, correspondence in Hindi language, guidelines related to ownership of land plot and its exemption from encumbrance, status of quarterly progress report (QPR) of projects, detailed guidelines related to advertising and promotion of real estate projects, SOP related to settlement with allottees, nomination of authorized representative and authorized signatory of promoters for correspondence, making available the records related to the project at the headquarters by the promoters, etc. This included detailed discussion on the aspects related to the office orders, understanding the practical difficulties of the promoters and discussing them to find solutions as per the provisions of the Act.

On this occasion U.P. RERA Chairman, Sanjay Bhoosreddy said that for the regulation and development of the real estate sector, we need such seminars on periodic intervals with promoters so that the provisions of the RERA Act can be understood in depth and work accordingly to protect the interests of all the stakeholders of the sector.

U.P. RERA Chairman, Secretary and other officers apprised the promoters of the essence of office orders and the benefits of compliance, which are important to protect the interest of the biggest stakeholder of the real estate sector – home buyers or allottees. The representatives of the promoters’ association were apprised of the SOPs and guidelines prepared in accordance with the provisions of the RERA Act. It was specifically pointed out that all the provisions have been elaborated in the detail through the Office Orders in order to create a harmony between the Authority and the promoters and to pass on the benefits to the allottees who are the actual beneficiaries. In the meeting, there was a detailed discussion on the important steps from registration of a real estate project in RERA to the account closure of the project, compliance as per the RERA Act was explained, ways to avoid unnecessary penalties were told and in the end a round of questions and answers was also held.

The representatives of the Promoters’ Association apprised RERA of some of their practical challenges, on which RERA shared solution and asked for a presentation covering all the points. Appropriate decision will be taken based on the recommendations of the committee constituted by RERA.

U.P. RERA Secretary Pramod Kumar Upadhyay, Principal Advisor Abrar Ahmed, Technical Advisor Subodh Rai, Finance Advisor Sudhanshu Tripathi and other officials participated in the meeting. On behalf of the Promoters Association, Manoj Gaur- CREDAI NCR, Dinesh Gupta- CREDAI Western UP, Rakesh Yadav- NAREDCO and about 25 other promoters or their representatives participated in the meeting.

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