UPRERA Issues New Standard Operating Procedure For Withdrawal Of Project Registration

Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has released a new Standard Operating Procedure (SOP) for withdrawal of project registration. The SOP has been released to meet the demands of those promoters who fail to continue with real estate projects due to reasons such as lack of demand and financial crises. Pre-conditions for Application Promoters must meet specific pre-conditions before applying for withdrawal, including obtaining consent from all project-related promoters, refunding principal amounts to allottees, settling complaints, paying penalties, and ensuring no promotional activities for the project. Online Application Process UPRERA will provide an online application facility on its portal. Promoters must submit various documents, including signed application forms, board resolutions, lists of allottees, proofs of settlement with allottees and financial institutions, and notarized affidavits. Application Review UPRERA will review applications, examining aspects such as the application form's validity, adherence to prescribed formats, verification with allottees, compliance with pending complaints and orders, payment of penalties, and pending lawsuits. Disposal of Application If objections are satisfactorily addressed, UPRERA will proceed with issuing a public notice and reviewing objections received. Both parties will have an opportunity to be heard before the Authority, which will then decide on approval or rejection of the application. In case of approval, UPRERA will issue an order for withdrawal of registration, transfer the project to the Withdrawal category on the portal, and publish public notices in newspapers. Rejection of the application may lead to resubmission after addressing objections, or the promoter being responsible for project completion and compliance under RERA rules. If the application is rejected by the Technical Section, project progress and compliance will be closely monitored, with any discrepancies reported to the authority. In Conclusion, The new SOP aims to streamline the withdrawal process, ensuring transparency and compliance with regulatory requirements in the real estate sector. Letter 2809/UPRERA/ 2023-2024 Click here to read / download SOP

UPRERA Issues New Standard Operating Procedure For Withdrawal Of Project Registration

Aryan Raj

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