UP-RERA has just released a set of rules and regulations to keep a close watch on mutual settlements between the home buyers and developers. The RERA official said in a statement that, the real estate regulatory authority had noticed several instances of parties not adhering to the existing norms.
An official of RERA said, UP-Rera noticed that the parties do not adhere to the stabled norms and in some cases, the parties have also denied such settlements at a later stage. Now, it became mandatory that mutual settlements have to be executed on non-judicial stamp paper of Rs. 100. The documents should be verified, notarized and signed by the director, managing director or CEO of the promoter and also signed by the allottee.
The RERA documents should bear the signatures of one each witness of each party. The terms and conditions of the settlement must be unambiguously laid down and must not be contrary to the provisions of applicable laws or existing public policies.
The settlements related document will be uploaded on the authority’s web portal and UP-RERA will ensure verification by its benches or offices.
If anyone doesn’t appear in the verification process, he will have to do it through e-mail. After that, the other proceedings will be conducted. If any party fails to do that also within the stipulated time it will be deemed that the party has consented to the settlement on its free will.
Chairman of UP-RERA, Sanjay R Bhoosreddy quoted, “These directions became necessary because there were several instances of defective settlement deeds being filed. Once the parties have executed the settlements as per the directions of UP-RERA,they will not have liberty to deny the same at a later stage. The settlements will be largely conducive to successful conclusion of proceedings.”
He further commented that, these guidelines will be in favor of both promoters and allotees.
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