UP RERA Halts 400 Projects Over Missing Land Records | 19 Aug 2024
Why in News?
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has suspended around 400 projects on its portal because the developers failed to upload necessary land records, maps, or both.
- Many of these projects are located in the National Capital Region (NCR).
Key Points
- Reason for Action: Despite repeated notices since 2018, many promoters did not comply with the requirement to upload these documents.
- Objective: The decision aims to protect allottees from potential fraud by ensuring they are aware of the status of these projects before investing.
- Current Compliance: Only 57 out of the 400 projects have provided the necessary explanations or documents.
- Future Steps: Promoters are warned to upload the required documents promptly, or face strict punitive actions.
Real Estate (Regulation and Development) Act, 2016
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.
- The Act came into force from 1 May 2016.
- Objective:
- To establish the Real Estate Regulatory Authority for regulation and promotion of the Real Estate sector.
- To ensure transparency in projects.
- To protect the interest of consumers in the Real Estate Sector and to establish an adjudicating mechanism for speedy dispute redressal.
- To provide proper information about the Builder.
- Give advice to the government on how to develop and promote the real estate sector.