Real estate projects - execute sale, purchase only through registered agents: UPRERA
If sale of property is not through a UPRERA-registered agent then home buyers will not get relief through UPRERA if there is any foul play: UPRERA chairman.
The UP Real Estate Regulatory Authority (UPRERA) has said that sales and purchase of real estate projects should be executed only through agents registered with the UPRERA to safeguard the interests of all stakeholders.
The regulatory authority took the step in view of an increasing number of complaints related to sale of flats based on misleading information and duping of home buyers by agents.
“If a UPRERA-registered agent provides false and misleading information during such sales-purchase, the aggrieved person can lodge a complaint with the UPRERA.
“UPRERA can also penalise agents if they are found guilty. Sales and purchase of properties only through UPRERA registered agents are secure,” added UPRERA.
“Real estate agents have an important role in the real estate sector. It is of paramount importance that they show transparency and credibility. We are aiming at the introduction of professionalism in the work of Real Estate Agents,” said Sanjay Bhoosreddy, chairman, UPRERA.
“We have made arrangements for training and certification of agents. Homebuyers will also verify the registration details of such agents from our website,” he added.
All these steps are in the larger interest of home buyers and also promoters, UPRERA chief asserted.
According to the UPRERA, most properties are being booked, sold and purchased through agents and there have been instances of consumers not taking sufficient care when making investment through the agents.
At times they make such investments through agents not registered with the UPRERA.
“If sale of property is not through a UPRERA registered agent then home buyers will not get any relief through UPRERA if there is any foul play,” said the UPRERA chairman.
It is mandatory for a promoter to give the list of agents he wants to use for marketing, sale or purchase in his project.
Before investing in a project through an agent, a home buyer can also verify the registration number of the agent from the ‘Registered Agent’ page on the UPRERA portal (www.up-rera.in) and the list of agents associated with the project.
UPRERA issued guidelines ‘Kya Karen, Kya na Karen’ in February this year whereby agents were instructed to publish their UPRERA registration number along with the registration number of the project and web link of UPRERA in any promotion or prospectus of a project.
The object of these guidelines is to ensure that home buyers get correct information.
Accordingly, the UPRERA has taken a decision that henceforth it will grant registration to the persons and institutions willing to work as agents only if they have acquired minimum requisite skills and also have suitable aptitude for this profession.
Now, UPRERA has made short-term training and certification mandatory both for registration as an agent and for extension of this registration.
Any person can verify the particulars of an agent from the ‘Registered Agent’ page on U.P. RERA portal www.up-rera.in.