Not just the Noida or Greater Noida or Yamuna Expressway, If you are willing to start real estate business or work as an independent broker/agent anywhere in Uttar Pradesh, you’ll have to first obtain a license from the local authority of that area.
Uttar Pradesh government has planned to introduce the new law in the interest of buyers protection. The UP urban housing department is already planning the draft of the bill for the real estate brokers. Once the draft bill is ready, it will be first approved by the cabinet and then the legislative assembly to make it a law, according to the officials.
The step is being taken to protect the realty buyers from frauds and cheating by the unethical agents and dealers especially in the booming real estate markets such as Noida, Greater Noida, and Yamuna Expressway. According to the officials, there is no buyer protection, even the police department and the dealers which are making crores of rupees by selling real estate do not take entertain any case of fraud or cheat. The bill will ensure that no unethical dealer/agent do the business in the state and buyer is always protected.
Officials said that the real estate market suffers because of just a few unethical real estate agents and the introduction of the bill will increase the credibility of reality market, and the trust of buyers and investors.
If any case of fraud is registered, it will be easy for the concerned department to locate and connect with the associated agent/agency.