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UP-RERA has introduced a portal feature that allows homebuyers to directly report developers diverting payments to unauthorised accounts. The authority has underlined that all transactions must pass through the designated collection account, with a fixed portion automatically routed to an escrow account for project development. Alongside this move, a new real estate agent training programme has been launched to promote transparency and accurate buyer guidance, reinforcing stronger accountability in the state's property market.
UP-RERA has launched a new feature on its portal enabling homebuyers to report cases of developers collecting money through unauthorised accounts rather than the official project collection account. The regulator explained that details of these accounts must be published on the portal and within all official documentation, ensuring that buyers have clarity on where their funds are directed. Advertisement
As part of the mechanism, 70 % of the money deposited in the collection account is automatically transferred daily into a dedicated escrow account. These funds are reserved exclusively for the development of the respective project, thereby preventing misuse or diversion.
The authority has stated that any complaint lodged through the new feature will be thoroughly examined, and strict action will be taken against promoters who fail to comply with the rules. This step is intended to create stronger safeguards for homebuyers while ensuring developers adhere to transparent financial practices.
In parallel, UP-RERA has commenced its nineteenth real estate agent training programme in Lucknow. This initiative seeks to improve the professional standards of agents, enhance their knowledge of relevant laws, and ensure accurate information is shared with purchasers. Certified participants will be listed on the RERA portal, and agents have been advised to closely review project reports and flag discrepancies when they encounter misleading information.
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