UP RERA Introduces Standardized Possession Letter Format to Avoid Disputes
To prevent disputes between promoters and flat buyers over possession letters, UP RERA has introduced a standardized letter format. This new model, available on their website, mandates uniformity and eliminates binding conditions. The authority emphasizes clear communication and timely distribution of these letters post-completion certificate issuance.
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UP RERA has taken a significant step to prevent disputes between promoters and flat buyers by introducing a standardized format for possession letters. This initiative, announced on Saturday, aims to provide clarity and eliminate arbitrary conditions imposed by promoters.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) reiterated its May 29 directive, stressing that all possession offers must adhere to the format available on their portal. Promoters are now required to issue these letters without any binding conditions, ensuring transparency and uniformity.
UP RERA Chairman Sanjay Bhoosreddy highlighted the confusion caused by different terms like 'final demand letter' and 'final demand notice' which carried binding conditions. He confirmed that the new format would help resolve related disputes and ensure that possession offers solely serve as invitations for ownership transfer.
Upon receiving the occupancy or completion certificate, promoters are obligated to send the possession letters to buyers via registered email, post, and SMS within two months. Additionally, information must be displayed at project sites and head offices to keep all stakeholders informed.
The regulatory authority has also mandated that any remaining construction work must be clearly detailed in the possession letter, along with any outstanding buyer liabilities within the scope of the Agreement for Sale.
This standardization effort by UP RERA aims to ensure smoother communication and fewer disputes in real estate transactions.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)