Up Rera Agreement Format
While the intent of the UP customer documentation rules was to impose a format for the sales/leasing contract to be executed between the developer (or organizer) and an allottee, While the law and rules have had significant consequences, one of the issues was that developers are free to use their standard agreement formats to sell and execute them with potential buyers, or whether it is imperative for them to use the format prescribed by public authorities. With the details of the provisions in the new format, Says Kumar, the total price of an apartment is undinge-escalated, with the exception of the increase that The Allottee has agreed to pay, as on regulated terms. „Currently, most owners receive the contract for the sale signed by allottee, but do not register it. Registration is now mandatory. In addition, the owner and the buyer receive the same interest in the event of late payment and repayment, which will be a normal rate for bank interest plus 1%,“ Kumar said. 2. Any letter of application, letter of award, agreement or other document signed by an allottee with respect to the dwelling, property or building cannot be interpreted, depending on the performance and registration of the contract for sale/rental of such dwelling, building or building, in order to limit the rights and interests of an allotte under the sale/rental contract or the law or the rules that apply to it. Many developers felt that they were free to execute sales/leasing contracts („customer documentation“) in their own format, provided that this format did not interfere with or violate the law and rules prescribed by the relevant regulatory authority. Whether this view is fair or not is another debate for another day, but when it comes to Uttar Pradesh (systematically the NOIDA/Greater NOIDA market), the Uttar Real Estate (regulation and development) (sale/leasing agreement) rules, 2018 („UP customer documentation rules“) have thrown a whole new power through this debate. „The State Government has established rules for the sale and leasing of real estate and has defined a new format.