Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has decided to implement three key policy decisions taken by the Maharashtra Real Estate Regulatory Authority (MahaRERA). MahaRERA has been a pioneer in introducing several pro-homebuyer regulations that increase transparency and accountability in the real estate sector.
The three MahaRERA policies now being adopted by UPRERA are:
1) Mandatory display of QR codes containing comprehensive project details in all advertisements. MahaRERA has been strictly enforcing this since August 2023. It allows homebuyers to access vital information with just one click.
2) Mandatory training and certification for real estate agents. From January 2023 in Maharashtra, agents must undergo 20 hours of training and pass an exam to operate in the real estate sector. Given their important role, it is crucial that agents understand legal and regulatory compliance. Over 10,000 agents are now certified in Maharashtra.
3) Option for developers to deregister unviable projects subject to conditions that protect homebuyers and investors. This prevents projects from remaining indefinitely stalled, to the detriment of all stakeholders.
MahaRERA's success in benefiting homebuyers through transparent and accountable governance has prompted other states to emulate its initiatives. UPRERA's decision to adopt these three policies will help increase transparency and bring structure to the sector in Uttar Pradesh as well.
The mandatory QR code display has enabled MahaRERA to effectively monitor advertisements across platforms and take action against non-compliant developers. In January 2022, agent certification became compulsory. Recently, MahaRERA cancelled the licenses of 13,785 agents that were registered back in 2017. The deregistration provision balances developers' needs with those of homebuyers, by laying down clear conditions including hearings before allowing exits from non-feasible projects.
Beyond UPRERA, other states have also shown willingness to replicate MahaRERA's innovations like standard sale and allotment documents, �MahaRERA Grading Matrix� for grading of real estate projects from April onwards, and guidelines on senior housing. Measures like establishing a micro-control room for compliance with regulatory provisions, requirement of promoter details and past performance affidavits, appointment of retired Additional Collector for compensation related recovery warrants, and setting up Grievance Redressal Cell for homebuyers are also being studied. Other measures like reconciliation forum at MahaRERA headquarters to resolve disputes between home buyers and developers, suo motu penal action against projects printing advertisements without MahaRERA registration number and QR code, etc are also being studied by other RERA�s.
MahaRERA's pioneering approach in strengthening buyer protection offers useful models for regulatory strengthening nationwide. UP-RERA's adoption of these three important policies is thus a welcome step towards strengthening transparency and fairness in Uttar Pradesh's real estate sector.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
