Uttar Pradesh RERA Allows Allottees to Report Fund Diversion
NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has launched a feature on its website enabling homebuyers to report situations where promoters solicit payments into accounts other than the specified project collection account. According to regulations, promoters are required to accept payments exclusively in the project’s collection account, details of which must be available on the UP RERA website and in all materials provided to buyers, including booking forms and allotment letters. Additionally, 70% of the funds collected must be automatically transferred daily to an escrow account, ensuring that the funds are used solely for project development. Despite…