New Regulations Aim to Secure Real Estate Transactions and Enhance Accountability

Regulatory Overhaul: A Push for Transparency in Real Estate Transactions

The Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) has announced a crucial directive requiring that all real estate transactions be conducted exclusively through agents registered with the authority. This move seeks to safeguard the interests of homebuyers and promoters by ensuring that only certified professionals handle property deals.

Ban on Unregistered Agents: Legal Ramifications for Non-Compliance

According to the new guidelines, soliciting, facilitating, or promoting real estate transactions through unregistered agents is strictly prohibited and punishable under law. Stakeholders are advised to confirm an agent’s registration status on the U.P. RERA portal before proceeding with any property transaction. Agents found guilty of providing misleading information are subject to legal action, and affected consumers have the right to file complaints with U.P. RERA.

Mandatory Training and Certification: Raising Professional Standards

In a bid to address the deficiencies in agent professionalism, U.P. RERA has introduced mandatory training and certification requirements. Agents must now undergo short-term training and obtain certification to both initiate and extend their registration. This initiative aims to enhance the competency and reliability of agents within the sector.

Consumer Protection: Verify Before You Invest

To avoid pitfalls, U.P. RERA advises consumers to verify an agent’s registration number and their association with specific projects by checking the ‘Registered Agent’ section on the U.P. RERA website. Promoters are also required to provide a list of their approved agents when applying for project registration, ensuring greater transparency.

Improving Accountability: New Guidelines for Agents

U.P. RERA’s guidelines, issued under the title “Kya Karen, Kya Na Karen!”, emphasize the need for agents to display their RERA registration number and project details prominently in all promotional materials. These steps are designed to improve the accuracy of information provided to consumers and hold agents accountable for their conduct.

A Call for Professionalism: U.P. RERA’s Vision for the Future

Sanjay Bhoosreddy, Chairman of U.P. RERA, stressed the importance of transparency and professionalism in the real estate sector. The authority is committed to enhancing the quality of real estate services and protecting consumer investments through rigorous oversight and improved agent standards.

For further details and to verify agent registrations, visit the official U.P. RERA portal at www.up-rera.in.