UP RERA Introduces Relief for Legal Heirs of Deceased Allottees

UP RERA sets a cap of Rs 1,000 on fees for transferring flats to legal heirs of deceased allottees, addressing previous irregular practices by developers. This regulation aims to protect homebuyers, ensuring a fair and transparent process in UP's growing real estate sector, which shows increased investment and development.

In a significant move to protect homebuyers' interests, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has capped the transfer fee for flats to legal heirs at Rs 1,000 in cases where the original allottee has passed away. Announced by UP RERA Chairman Sanjay Bhoosreddy, this fee aims to curtail previously arbitrary charges imposed by developers.

Prior to this decision, some builders allegedly demanded exorbitant fees based on square footage, sometimes amounting to several lakhs of rupees. The revised Regulation 47 now mandates developers to transfer property by default to close family members of the deceased for a nominal cost, streamlining the succession process.

In highlighting UP's booming real estate sector, Bhoosreddy noted the registration of numerous new projects and substantial investment in recent years. He emphasized the sector's expansion beyond the NCR region, with places like Lucknow gaining prominence, supported by policy measures and efficient digital grievance redressal through platforms like 'RERA Samvaad.'