Noida, Aug 22 (PTI) Uttar Pradesh RERA chairman Sanjay Bhoosreddy on Tuesday called on real estate promoters in the state to register their projects with the authority and fulfil the responsibility of safeguarding the interests of stakeholders, especially homebuyers.
Bhoosreddy, who took over as the second chairman of the UP Real Estate Regulatory Authority (RERA) recently, also stressed on promoters the need to contribute towards building a strong and progressive real estate sector by keeping themselves under the ambit of the regulation.
So far, 3,467 projects have been registered with the UP RERA. Of these, 1,598 are registered in National Capital Region (NCR) while 1,869 are in non-NCR areas of the state, according to an official statement.
“Uttar Pradesh is a state with a huge population where a balanced development and regulation in the real estate sector is indeed required. The balancing cycle of a developed real estate sector and secure homebuyers begins with the registration of projects.
“All real estate promoters working across the state must register their projects with RERA and fulfil the responsibility of safeguarding the interests of stakeholders, especially homebuyers, by following the RERA Act,” Bhoosreddy said.
By registering the projects, the promoters not only protect the interests of the homebuyers but also contribute towards building a strong and progressive real estate sector by keeping the promoters themselves under the ambit of regulation, he added.
The RERA chairman expressed the hope that in the coming days, more projects in Uttar Pradesh would be registered and the real estate sector would become more robust.
“The successful registration of about 3,500 projects is proof that the real estate sector of the state has now moved on the path of progress,” he noted.
The UP RERA was established in 2017 to regulate the fast-growing real estate sector, bring transparency, protect the interest of homebuyers and ensure speedy resolutions of disputes between consumers and builders. PTI KIS NSD NSD
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