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Uttar Pradesh RERA chairman, Sanjay Bhoosreddy, has recently emphasized the crucial role of real estate promoters in the state in registering their projects with the UP Real Estate Regulatory Authority. This call to action comes with the intention of ensuring the protection of stakeholders' interests, particularly that of homebuyers. Bhoosreddy, who assumed the position as the second chairman of UP RERA, has underscored the need for promoters to actively contribute to the development of a robust and forward-moving real estate sector by willingly adhering to regulatory measures.
The state of Uttar Pradesh, characterized by its significant population, stands in need of a well-balanced approach to real estate development and regulation. Bhoosreddy emphasizes that this equilibrium is best achieved through the essential step of project registration. As it stands, the UP RERA has successfully registered a total of 3,467 projects, distributed across various regions. A notable 1,598 projects have been registered within the National Capital Region (NCR), while 1,869 projects are spread throughout the non-NCR areas of the state.
Bhoosreddy's message resonates with a broader vision for the real estate sector. He urges all real estate promoters operating within the state to actively engage with RERA and adhere to the stipulations set out by the RERA Act. By doing so, they not only safeguard the interests of homebuyers but also play a pivotal role in constructing a resilient and progressive real estate landscape. Through voluntary registration, promoters position themselves under the umbrella of regulation, further fortifying the industry as a whole.
Expressing optimism for the future, the chairman anticipates a surge in project registrations across Uttar Pradesh, consequently leading to a more robust real estate sector. He highlights the already accomplished registration of approximately 3,500 projects as evidence of the sector's trajectory towards advancement.
Established in 2017, the UP RERA stands as a cornerstone institution aimed at overseeing the rapid growth of the real estate sector in the state. Its multifaceted objectives encompass promoting transparency, safeguarding the interests of homebuyers, and facilitating the expeditious resolution of disputes between consumers and builders. Through its regulatory mechanisms, UP RERA is driving positive change within the sector, steering it toward a future marked by accountability and sustainable growth.
In conclusion, Sanjay Bhoosreddy's call for real estate promoters to actively register their projects with the UP RERA underscores the pivotal role that such actions play in ensuring a balanced and transparent real estate sector. By embracing regulation and prioritizing stakeholders' interests, promoters not only protect homebuyers but also contribute to the sector's overall advancement. The upward trajectory of project registrations signals a promising future for Uttar Pradesh's real estate landscape, guided by the principles of accountability and progress. As the state continues to forge ahead, the UP RERA remains a crucial entity in promoting a thriving and consumer-centric real estate industry.
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