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Up Rera Builder Buyer Agreement

Another pro-buyer step of RERA was advertising for projects in Noida and Greater Noida, where developers left buyers in the middle of construction and ignored deadlines. Rera was created under the RERA Act of May 1, 2017. UP RERA was established in August 2018. In a month, they started dealing with complaints. Of the 13,000 complaints received to date, approximately 7,000 have been eliminated. While they contribute to it, the main obstacle to the RERA is to ensure that its decisions are implemented. Currently, the process is very slow. If implementation is not effective, facilitation for illegitimate buyers will remain a distant dream. Rera decided, however, that despite the date provided to them by the owners, the date would be settled by what had been promised to the purchasers. RERA has asked the owners to pay the compensation that will be Rs 5/foot, as stated in the BBA. The decision may affect thousands of buyers in the state. “Currently, most owners receive the contract for the sale signed by allottee, but do not register it.

Registration is now mandatory. In addition, the owner and the buyer receive the same interest in the event of late payment and repayment, which will be a normal rate for bank interest plus 1%,” Kumar said. All three had complained about IVR Prime Developers (Awadi) Pvt Ltd and Ajnara India Limited in UP RERA because their apartments had not been delivered to them on time. Some of the complainants had also claimed interest on payments to the owner because of a delay in possession. A team from UP Rera held a meeting with representatives of 14 builders and discussed the problems they faced in ensuring the early delivery of housing to allottees. During the meeting, representatives of the owners were also informed of the new sales agreement. The rate of pay is calculated on the basis of the marginal cost of funds (MCLR) rate, which is the minimum interest rate at which banks lend 1% annual interest on the MCLR. UP RERA also stated that if the buyer pays EMI and the property of the apartment is not received, then the owner must adjust the buyer`s EMI in the last payment. Now that UP RERA has made a decision in favour of buyers, it remains to be seen whether it will be implemented by local builders. This is not the first time RERA has decided in favour of buyers. “The State Government has established rules for the sale and leasing of real estate and has defined a new format. Builders are responsible for following the new format.

It will come into force on October 17, 2018. In this format, we must mention all the details of the projects and responsibilities of the owners and Allottees. Allottees will pay the payments on time and the owners will return the property on the scheduled date. Cost details must also be disclosed to avoid future disputes,” said Rajive Kumar, CEO of UP Rera. In accordance with the contractor`s purchase agreement, the complainants are expected to enter their apartments by January 2018. The owners submitted that, when reseeding with RERA for the Phase 1 project, the deadline was set for December 2019 and that, therefore, the claim for compensation was premature.

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