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Uttar Pradesh RERA held a meeting with associations of home buyers - NEFOMA, NEFOWA and association of promoters CREDAI Western UP operating in Gautam Buddha Nagar. Representatives of homebuyers association said the mediation of the conciliation forum is very useful in resolving disputes by mutual consent in 90% of the cases. ....
“Authority is conscious of the fact that sometimes change in the accounts may be necessitated and there could be conditions when even forensic audit of the accounts may be necessary and that the authority has laid down procedure for all such activities,” said Sanjay Bhoosreddy, Chairman, UP RERA. ....
Uttar Pradesh RERA: In case of serious discrepancies or complains UP-RERA will get the accounts of the project audited by an auditor on the panel of the authority. The cost of such audit shall be borne by the promoter. ....
Uttar Pradesh RERA: UP-RERA prohibits promoters from creating lien on the separate account of the project, further prohibiting them from paying any interest or penalty or assured return from this account. ....
The promoter will have to provide standing instructions to the bank for auto-sweep of not less than 70% of the amount from the collection account to the separate account and not more than 30% to the transaction account of the project. The promoter will have to submit the particulars of the three bank accounts- collection account, the separate account and the transaction account with registration application of the project. ....