Noida: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a warning to the people of Noida and Greater Noida, urging them to follow the rules of the authority before paying any advance for buying a property. The UP RERA has stated that if buyers fail to follow the rules, it may cost them. As per the regulations, buyers should only deposit 10% of the total cost of the property in advance, and if any builder demands more than that, buyers can file a complaint with the UP RERA, which will take appropriate action against the builder or seller.
UP RERA officials have shared this information through Twitter and other social media platforms to educate people about the regulations and prevent them from being taken advantage of by developers. They have also uploaded all the information regarding the rules on the official website of UPRERA for buyers to refer to in case of any doubts.
A member of the UPRERA council has stated that builders in the NCR region often demand 50-70% deposit for the property, resulting in several buyers becoming victims of fraud in Noida, Greater Noida West, and the Greater Noida area. There are currently 50,000 cases pending in UP RERA, with the highest number of cases being reported from Noida and Ghaziabad, followed by Lucknow.
Abhishek Kumar, President of NEFOWA, has welcomed the move by the UP RERA, stating that it will benefit property buyers. K.K. Jain, the general secretary of FONRWA, has also expressed his satisfaction with the decision, stating that it will impose restrictions on builders and help buyers purchase properties with more confidence.