In an effort to protect property buyers, UP RERA has cautioned the residents of Noida and Greater Noida to adhere to its regulations when making advance payments for property purchases. UP RERA has stressed that not complying with the rules could lead to financial losses. According to the guidelines, homebuyers are required to pay only 10% of the total property cost as advance payment. If any builder or seller demands a higher amount, buyers can file a complaint with UP RERA, which will take necessary action against the defaulter.
UP RERA officials are spreading awareness about the regulations via Twitter and other social media platforms to educate people and safeguard them from potential exploitation by developers. Additionally, they have uploaded all relevant information about the rules on UPRERA's official website, enabling buyers to clarify any doubts they may have.
According to a member of the UPRERA council, builders in the NCR region frequently require buyers to pay a deposit of 50-70% of the property's cost, leading to many cases of fraud in Noida, Greater Noida West, and Greater Noida. As of now, there are 50,000 pending cases in UP RERA, with Noida and Ghaziabad reporting the highest number of cases, followed by Lucknow.
The President of NEFOWA, Abhishek Kumar, has praised UP RERA's decision, stating that it will be advantageous for property buyers. K.K. Jain, the general secretary of FONRWA, has also expressed satisfaction with the move, believing that it will limit builders' activities and provide buyers with greater confidence while purchasing properties.
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