Protection of home buyers, promoting transparency & accountability, and making the real estate project RERA compliant must be addressed precisely. From legal checks, project registration, handling quarterly updates, and setting the project completion time-frame, to obtaining NOC, a strategic execution is essential. Moreover, being familiar with the updated guidelines and amendments ruled by RERA is essential to make real estate transactions transparent. Specifically, in the case of UP RERA, the documentation, approval, and project registration must comply with the project management guidelines of RERA. RERA Act or Real Estate Regulatory Authority compliance denotes complete transparency in the real estate projects and protects home buyers.
All the real estate projects have to seek RERA approval to ensure transparency & accountability to the clients. However, the legal due diligence and comprehensive development management services must be availed to streamline the RERA approval & licensing process. If the builder fails to comply with the RERA guidelines after seeking approval for the project, he is liable to pay a fine. Alternatively, if any non-compliance is claimed during or after the project execution, the builder may have to compensate for the loss. If you are a real estate developer, then here’s what you should know about the 6th amendment of RERA, announced on 11th April, 2025 –
Key takeaways of UP RERA’s 6th Amendment for real estate project management
As a part of RERA compliance, it is necessary to complete the project as mentioned during RERA approval. If the timeline exceeds the proposed date, then the developer may have to face the consequences. This is where the 6th amendment of UP RERA helps builders or the real estate project owner by letting them submit the extension application. This application is intended to allow the builder to continue with the ongoing projects, even after the expiry of the due date. Moreover, a builder needs to apply for a project extension to avoid penalties being levied by RERA for non-compliance.
The following points of relevance summarize the benefits of UP RERA’s 6th amendment for builders:
Project execution adheres to the legal framework
When the timely project registration extension is applied for, the builder assures transparent and legally compliant framework. This in turn protects the rights of home buyers without any mismatch.
Penalties for noncompliance can be prevented
The RERA consultants offer legal advisory and services to the builders and the real estate agencies. However, after the project registration, the timeline of completion gets delayed, the buyer can claim for compensation or RERA can levy a fine or penalty. Thus, to prevent these consequences of non-compliance, UP RERA’s 6th amendment offers builders a provision to apply for extension to maintain integrity of real estate project.
Ongoing project can be continued after the expiry of the proposed time
The hassle-free project execution can be continued by the builder through extension. To avail this benefit, the builder needs to pay an additional fee apart from the project registration fee.
Transparency & accountability can be ensured to the buyers & promoters
When the project delay is backed by an extension application, the RERA compliance terms do not get breached. Hence, transparency & accountability is ensured to the buyers & promoters throughout the lifecycle of the project.
V3 Infrasol: Get professional assistance for legal due diligence
Real estate legal advisory includes multiple aspects that require expertise to comprehend and implement. Well, you need not worry as V3 Infrasol extends comprehensive assistance, legal due diligence services, and development management services to builders. Our RERA experts will address the project timeline extension scope, and thereby recommend the tailored solution. Connect with us at [email protected] and promote transparency in the real estate project.
