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UP RERA to monitor builder-buyer deals now

Officials said on Wednesday that the real estate regulatory authority had noticed several instances of parties not adhering to the existing norms.

UP Rera this month released a set of guidelines to keep a close watch on mutual settlements between the homebuyers and developers.Officials said on Wednesday that the real estate regulatory authority had noticed several instances of parties not adhering to the existing norms.

“During the proceedings of adjudication of complaints or execution of orders, the promoters and the allottees quite often file mutual settlements and request disposal of the matter. UP-Rera noticed that the parties do not adhere to the established norms and in some cases, the parties have also denied such settlements at a later stage,” an official said.

Thereby, the authority issued detailed guidelines on Feb 2.

Now, it is mandatory that mutual settlements have to be executed on non-judicial stamp paper of Rs 100. It has to be notarised and signed by the director, managing director or CEO of the promoter and has to be signed by the allottee too.

“It shall bear the signatures of one witness each of the parties. The terms and conditions of the settlement must be unambiguously laid down and must not be contrary to the provisions of applicable laws or existing public policies,” the official added.

The settlements submitted by the promoters will be uploaded on the authority’s web portal and UP-Rera will ensure verification by its benches or offices.

“If any of the parties does not appear for physical verification, then they will need to verify through e-mail. Only after that can further proceedings be conducted. If a party does not submit its reply to the e-mail within the stipulated time, it will be deemed that the party has consented to the settlement on its free will,” the official said on Wednesday.

UP-Rera chairperson Sanjay R Bhoosreddy said the guidelines are in the interest of both promoters and allottees.

“These directions became necessary because there were several instances of defective settlement deeds being filed. Once the parties have executed the settlements as per the directions of UP-Rera, they will not have liberty to deny the same at a later stage. The settlements will be largely conducive to successful conclusion of proceedings,” Bhoosreddy said.

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