The recently launched website for the Uttar Pradesh (UP) Real Estate (Regulation and Development) Act (RERA) has received over one lakh visitors till now. Within two days of being launched, 300 builders and 80 projects have been registered on the portal.
Coming into effect on May 1, 2017, RERA makes it mandatory for states and Union Territories to have regulatory authorities, registration portal, and redressal systems. Developers and brokers will have to register themselves and their projects with the regulators. RERA prohibits the advertising or sale of any realty project without prior registration.
It should be noted that while UP has notified RERA rules, set an interim regulator, and launched a RERA website, it is yet to hire officials and set up district level bodies to address issues relating to the realty sector.
Experts state that until now, buyers had to visit the various authorities in Noida, Greater Noida, and Yamuna Expressway to file complaints regarding realty projects. With the launch of the RERA portal, it has become much easier to lodge complaints. More 15,000 complaints had been registered on the UP RERA website within 24 hours of its launch, speaking volumes about the usefulness of the website for homebuyers. A fee of Rs 1,000 will now be charged per complaint, shared officials.