Up Rera Agreement Format
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Up Rera Agreement Format
“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. Many developers felt that they were free to execute sales/leasing contracts (“customer documentation”) in their own format, provided that this format did not interfere with or violate the law and rules prescribed by the relevant regulatory authority. Whether this view is fair or not is another debate for another day, but when it comes to Uttar Pradesh (systematically the NOIDA/Greater NOIDA market), the Uttar Real Estate (regulation and development) (sale/leasing agreement) rules, 2018 (“UP customer documentation rules”) have thrown a whole new power through this debate. While the law and the rules have had significant consequences, one of the issues was whether developers were free to use their standard agreement formats to sell/sell and execute these agreements with potential buyers or whether they were required to use the format prescribed by the relevant public authorities. With the details of the provisions in the new format, Says Kumar, the total price of an apartment is undinge-escalated, with the exception of the increase that The Allottee has agreed to pay, as on regulated terms. At first glance, it may seem harmless and as a rule of protection, the language of this rule suggests that any documentation made between a developer/promoter and an Allottee prior to the execution of a sales/leasing contract (i.e.
who must now be in the ATS/S ALS format) cannot restrict the rights and interests granted to allotte according to the ATS/ALS model. “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. 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 Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has stated that a registered sales contract is required for a buyer to seek interest in the event of a delay in the issuance of the property by a developer. The regulator on Thursday ordered the owners to follow the new sales format agreement in the registration of documents with allottees.
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