UP RERA Releases Model Format Of Offer Of Possession Letter To Protect Homebuyers Interest
Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a directive aimed at curbing the arbitrary practices of real estate promoters in issuing Offer of Possession letters. This move is intended to eliminate the confusion and disputes that arise between promoters and allottees over possession terms. Key Points Promoters must issue Offer of Possession letters to...
Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a directive aimed at curbing the arbitrary practices of real estate promoters in issuing Offer of Possession letters. This move is intended to eliminate the confusion and disputes that arise between promoters and allottees over possession terms.
Key Points
- Promoters must issue Offer of Possession letters to allottees in the same format available on the UPRERA Portal. [www.up-rera.in]
- The new model format prohibits promoters from including any binding conditions not outlined in the initial Agreement for Sale. This is to protect allottees from unexpected demands or terms.
- Promoters can only send the Offer of Possession letter after obtaining the Occupation Certificate (OC) or Completion Certificate (CC) from the Development Authority. These letters must be sent to the allottees' registered email and postal addresses, with notifications via SMS.
- Promoters are required to display possession information at the project site and their head offices to ensure transparency.
- If any construction work remains at the time of possession, the promoter must clearly state what is pending and the expected timeline for completion.
- Offer of Possession letters must be issued within two months of receiving the OC/CC, accompanied by a copy of the certificate.
- Any disputes arising from the issuance of possession letters will be resolved under the provisions of the U.P. Real Estate (Regulation and Development) (Agreement for Sale/Lease) Rules, 2018.
Lastly, Sanjay Bhoosreddy, Chairman of U.P. RERA, stated that this initiative aims to reduce confusion and prevent promoters from misusing the Offer of Possession to impose additional conditions. The standardized format is expected to streamline the possession process and enhance trust among allottees.
Press Release / 8 June / 2024