Uttar Pradesh housing and urban planning department rolled out the UP Real Estate (Regulation and Development) Rules, 2016, the stage is now set for the formation of a real estate regulatory authority (RERA).
Spokesperson: Mr. Amit Modi, Director, ABA Corp and Vice President CREDAI Western UP.
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“We welcome the regulatory body with the hope that it will benefit the sector as it will empower end-users. The implementation of Rera will impact buyers in Noida and Greater Noida more than anywhere else in NCR as it hosts maximum end users hence the entire industry is set to gain from it and it will also help to attract more buyers in the region. At the same time, we hope that the law will not be misused by people to trouble developers for personal gains. It would have been appropriate if government bodies were also made accountable for the delay in issuing clearances.”
