Certainly! Under the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), homebuyers and investors have specific rights and remedies. Let’s delve into the details:
Compensation Claims Under UPRERA:
The UPRERA aims to protect homebuyers and promote transparency in the real estate sector.
If a project is delayed beyond the stipulated time frame, homebuyers can claim compensation.
Here are the key points related to compensation claims:
- Possession Delay Penalty
: If a real estate project faces delays, developers are required to pay
10% interestto buyers on the invested amount. This is in addition to any penalty specified in the sales agreement.
- Adjudicating Mechanism
: UPRERA provides an adjudicating mechanism for speedy dispute resolution. Homebuyers can file complaints for compensation through the UPRERA complaint portal.
- Transparency
: The Act ensures transparency in real estate projects, allowing buyers to seek redressal for any grievances.
- Possession Delay Penalty
If you are facing delays or other issues related to your real estate investment, consider filing a complaint with UPRERA. Follow these steps:
Visit the official UP RERA portal.
Click on the
Complaint Section.
- Select Complaint for Compensation
to file your compensation complaint.
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Authors Of The Question
Can any compensation, in addition to return of investment with interest, be claimed under UPRERA?
N K Banerjee
27Views
8 months
2024-02-01T13:05:02+00:00 2024-02-01T13:05:03+00:00Comment
1 Answers
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