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Property Related Laws Uttar Pradesh Ministry of Housing and Urban Affairs Real Estate (Regulation and Development) Act, 2016

Uttar Pradesh Real Estate Regulatory Authority issues SOP regarding transferring funds to the complainant's account

10-Sep-2024 | 13231/U.P.RERA/Admn./2024-25

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) via notification dated 10th September 2024 has issued Standard Operating Procedure (SOP) regarding transfer of funds to the account of complainant.
The SOP highlights that as per the provisions of the Real Estate Regulatory Authority (RERA) Act, any aggrieved party can file an appeal and based on which a refund or compensation may be ordered by the authority by issue of an order. The SOP also highlights that upon issue of an order against the promoter, in case of penalty imposed, the same is deposited to the treasury state while the compensation amount can be deposited directly to the bank of the aggrieved person.
Thus, in order to streamline the latter, this SOP has been notified.
Highlights of the SOP are as follows:
1. The SOP consists of details with respect to process on receipt of check or DD in RERA office.
2. The SOP also consists of details with respect to Handling of file for transfer of funds.
3. Procedures with respect to transfer of money has also been discussed in the SOP.
Further, many other aspects in relation to transfer of money to the account of complainant has been discussed in the SOP.

For more information, please refer to the document attached hereby.

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