UP RERA: 10% payment request follows sale agreement

10 Jan 2024 CW Team

The Real Estate Regulatory Authority (RERA) has issued a crucial directive, emphasising that the execution of a sale agreement must precede any demand for over 10% of the unit cost. This move aims to fortify buyer protection measures in real estate transactions.

According to RERA guidelines, developers are now required to finalise the sale agreement before requesting payment exceeding 10% of the total unit cost from homebuyers. This regulation aims to instill transparency and accountability in real estate transactions, ensuring that buyers have legal documentation in place before making substantial payments.

The decision aligns with RERA's overarching goal of safeguarding the interests of homebuyers and promoting fair practices within the real estate sector. By making the sale agreement a prerequisite for demanding significant payments, RERA aims to prevent potential disputes and enhance the overall reliability of property transactions.

This regulatory step is anticipated to streamline the real estate process, providing buyers with a clear framework and legal protection. The emphasis on proper documentation is a positive stride towards a more secure and accountable real estate environment, fostering trust between developers and homebuyers.

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