Uttar Pradesh RERA Caps Builder Fees for Property Transfers, Easing Burden on Homebuyers
Big relief for homebuyers: UP RERA caps builder fees on flat transfers, know how it will apply
The Economic TimesImage: The Economic Times
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has introduced Regulation 47(c), capping processing fees for property transfers at ₹1,000 (approximately $12 USD) for family members and ₹25,000 (approximately $300 USD) for non-family members. This regulation aims to simplify the transfer process, especially in cases of inheritance.
- 01UP RERA's Regulation 47(c) caps processing fees for property transfers.
- 02Fees are limited to ₹1,000 for family transfers and ₹25,000 for others.
- 03The regulation aims to ease the transfer process for heirs after an allottee's death.
- 04Builders must update records without creating new agreements for family transfers.
- 05Documentation required includes a death certificate, succession certificate, and no-objection certificates from heirs.
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In a significant move for homeowners in Uttar Pradesh, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has introduced Regulation 47(c), which limits the processing fees that builders can charge for the transfer of property allotments. Specifically, if the allotment is being transferred to a family member, the fee is capped at ₹1,000 (approximately $12 USD), while transfers to non-family members are capped at ₹25,000 (approximately $300 USD). This regulation is particularly beneficial in cases where an allottee passes away, making it easier and more affordable for family members to inherit property. Builders are now required to maintain the original agreement and only update their records instead of executing new agreements. Documentation needed for these transfers includes a death certificate, a succession certificate issued by local authorities, and no-objection certificates from all surviving heirs. This regulatory change aims to prevent builders from imposing excessive charges during the transfer process, ensuring a smoother transition for heirs.
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This regulation significantly reduces the financial burden on heirs during property transfers, making it more accessible for families to inherit homes.
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