UP RERA: Sale agreement precedes 10% payment demand
Real Estate

UP RERA: Sale agreement precedes 10% payment demand

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.

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.

Next Story
Infrastructure Urban

ColdStar Expands with New Facilities in Mumbai and Sonipat

ColdStar Logistics, India’s only independent and self-funded national cold chain player and one of the fastest-growing temperature-controlled supply chain companies, has strengthened its presence in key consumption hubs with three new facilities — two in Mumbai and one in Sonipat. The expansion is aimed at meeting the rising demand for fresh and perishable products, particularly from e-commerce and quick-commerce platforms.The new hubs will handle, process, and distribute fruits, vegetables, and other perishables for leading online platforms. The Sonipat facility, spread across 80,000 sq. ..

Next Story
Technology

Zebra Study Finds Workflow Automation Boosts Productivity

Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitalising and automating workflows, has unveiled new research with Oxford Economics highlighting the financial and operational benefits of modernising frontline workflows. The study, which surveyed 1,000 senior leaders across retail, manufacturing, and transportation & logistics (T&L) in eight markets including India, found that organisations leveraging automation, AI, and data are achieving significant productivity gains and enhanced customer experiences.Study HighlightsRetailers reported a 21% improvement in..

Next Story
Infrastructure Energy

Socomec Unveils COUNTIS P Smart Energy Meters for AC/DC Systems

Socomec, a global leader in energy performance and power management solutions, has announced the launch of its latest innovation – COUNTIS P, a new generation of smart energy meters designed to address the evolving needs of modern infrastructure. Backed by more than three decades of expertise, this launch highlights Socomec’s continued focus on innovation, sustainability, and digital transformation.Commenting on the launch, Meenu Singhal, Regional Managing Director – Greater India, Socomec Innovative Power Solutions, said:“As energy consumption grows more complex across industries, org..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?