UP-RERA May Deregister 10 Housing Projects
Tightening its grip around defaulters, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to deregister 10 residential housing projects in the Noida region on charges of undue completion delays and non-compliance. Earlier, the UP-RERA started a star-rating system meant to review and rate projects on the basis of certain parameters.
Since September 2018, the Greater Noida Bench of the UP-RERA has heard over 600 cases, and preliminary investigations have revealed that builders diverted homebuyers’ money for other purposes in several instances. This was the key reason why they were not able to deliver housing projects on time. Such developers will have to pay a penalty to buyers.
“Since the buyers are not at fault in paying for a flat, they have a right to adequate compensation,” UP-RERA Member Balvinder Kumar was quoted in the media as saying.
The authority is also roping in homebuyers to ensure project completion.
In a first, the authority gave homebuyers of a Greater Noida project located in Sector 137 the right to complete the project. The Greater Noida Bench of UP-RERA asked 700 homebuyers of Subhkamna Tech Home to come up with a financial plan for the project that was abandoned by the builder due to lack of funds. The project that was slated for completion and possession in 2014 has not been completed so far.