Acknowledging the good work done by his predecessor, the newly-appointed Chairman of Uttar Pradesh Real Estate Regulatory Authority (UPRERA), Sanjay Bhoosreddy, said that the Authority has done a commendable job till now in complaint redressal, despite being laden with the maximum number of complaints registered at various RERAs, at almost 40 percent. Bhoosreddy said that the Authority will take forward the work done by the founding team and that its primary objective is in line with the UP government’s objective of protecting the interests of homebuyers.
In his message to the developer community, Bhoosreddy said, "Everybody should adhere to the law, comply with the law, and go by the rule of law; otherwise, they have to suffer."
On the state of real estate in Uttar Pradesh, Bhoosreddy said that the problem, more than legal, is economic in nature. In solving the issues, the focus would be on ensuring that the economic, financial, and liquidity issues involved are addressed. He said that the Authority is also starting a counselling and education programme with the help of the Department of Information, Government of UP.
He said that if a project has been published by a developer and the public has participated in it, then the project has to be completed. "It cannot be aborted. It is not that we dispose of the case by passing some order and terminating the problem; no," said Bhoosreddy.
He said that the homebuyers also have some obligations. He said all those who intend to buy a property in UP should know that every project has to be registered with RERA, and if it is not registered, then the buyer must immediately file a complaint or at least inform RERA. "We will adopt all measures, including mass media, to educate the people," he said.
He added that among the three stakeholders — buyers, promoters, and agents — the Authority will show a slight tilt towards the buyers. This is because homebuyers are amorphous in nature. "The homebuyers are not very organised; they may be organised project-wise," he added.
On the third stakeholder, the real estate agents, the UPRERA chief said that the Authority has prepared a plan to train the agents, who play an important role in the ecosystem. For the agents, a certification and training programme is on the cards. "We are bringing up a scheme whereby we will train them for 24 hours on how to handle the sector, the different aspects of the sector, and how a degree of morals, ethics, financial fidelity, etc. has to be followed," said Bhoosreddy.
On the problem of non-implementation of Recovery Certificates (RCs) issued by UP RERA, Bhoosreddy said that the Authority will set up a sound mechanism either through its system analytics or by setting up a separate cell.
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