Social News XYZ     

7K home buyers of 14 projects to be delivered flats soon: UP RERA Prez Rajive Kumar

7K home buyers of 14 projects to be delivered flats soon: UP RERA Prez Rajive Kumar

By Pawan Tripathi

Noida, Oct 11 (SocialNews.XYZ) With lakhs of home buyers, who have invested crores of rupees, still awaiting delivery of their flats, Uttar Pradesh's Real Estate Regulatory Authority (RERA) has brought hope to thousands of people through several significant decisions.

 

Uttar Pradesh RERA President Rajive Kumar told IANS that after the introduction of RERA in Uttar Pradesh, the builders cannot get away and are seeking to deliver flats to home buyers as soon as possible.

He also spoke on a diverse issues regarding the real estate sector in Uttar Pradesh.

Q: What is the total number of registered projects and agents registered under RERA till now?

A: So far more than 3,300 real estate projects and over 5,500 real estate agents have been registered under Uttar Pradesh RERA. Uttar Pradesh RERA has 2,057 ongoing and 1,249 new projects registered under it. Ongoing projects registered means those housing projects registered as on May 1, 2017. Of these, 1,070 projects (52 per cent) are in eight districts of NCR, mainly Noida, Ghaziabad, Meerut and Hapur while 987 housing projects (48.01 per cent) are registered in other 67 districts of the state. Of these 399 projects (19.40 per cent) are in Lucknow district.

New housing projects means those housing projects which are registered after May 1, 2017. Of the 1,247 new projects, 464 projects (37 per cent) are in NCR and 783 projects (63 per cent) are in non-NCR districts. In the last one year, 74 new housing projects in NCR and 139 new housing projects have been registered in non-NCR areas.

At the same time it can be seen that the real estate sector is growing at a relatively faster rate in the districts outside the NCR, especially Lucknow, Varanasi and Gorakhpur. The sector has regained momentum in the recent past. In recent months, especially after the Covid-19 pandemic, it is seen that the number of registration of new housing projects in the NCR is more than expected. In 2017, the ratio of registered housing projects between NCR and non-NCR was 50:50 which has now reduced.

Of the total 783 new housing projects registered in the state in non-NCR region, 679 (86 per cent) housing projects are in 11 districts - Lucknow (280), Agra (59), Varanasi (52), Bareilly (52), Prayagraj (50), Kanpur Nagar (47), Jhansi (38), Mathura-Vrindavan (31), Barabanki (29), Gorakhpur (23) and Moradabad (18).

As many as 2,057 ongoing housing projects are registered with the RERA, of which 1,300 (nearly 65 per cent) housing projects have been completed.

Q: The situation is quite alarming regarding many housing projects as their completion is in jeopardy. What will RERA do in such a situation?

A: There are some housing projects which are no longer viable and they can be solved only through the NCLAT. There are some housing projects which have become viable with time and now the promoters and home buyers are also gathering together in favour of construction because they understand that there is a benefit in this.

Q: What is the status of redressal of complaints?

A: As many as 45,700 complaints have been filed by allottees under Uttar Pradesh RERA, which is 38 per cent of all complaints filed in the country. Nearly one-third of all complaints of the real estate sector have been successfully handled by RERA alone. Nearly 40,500 complaints have been resolved by RERA, which is 40 per cent of all complaints resolved in the country.

Q: Homebuyers are left empty handed even after successfully getting the order. What is RERA doing in such orders?

A: There are two channels of execution of orders in RERA. After the expiry of the stipulated date for compliance by the promoter of the refund or other payment-related orders, Online Request for Execution of Order can be filed on the website of RERA.

On receipt of such a request, the recovery certificate is sent to the District Magistrate for the recovery of the amount due to the complainant and after the recovery of the amount, the money will be deposited in the account of the complainant through RTGS.

Q: What is the most powerful method of recovery in the administration?

A: Recovery certificate is used by RERA. If we talk about recovery, then in the year 2018, it was Rs 48 crore. In the subsequent years, the recovery due to Covid-19 decreased to Rs 32 crore. But now the recovery has increased to Rs 121 crore in 2021 and now in 2022 the recovery of Rs 176 crore has been done.

So far requests have been received for implementation of orders in 12,400 cases, in respect of which orders have been complied with in about 8,700 cases from the benches of RERA and at the level of Secretary, which is based on the requests received nearly 70 per cent.

During the hearing of complaints, the benches of RERA and the conciliation forum established under RERA in NCR and Lucknow, nearly 5,400 cases have been settled amicably on the basis of mutual agreement, in which the value of the underlying assets is nearly Rs 2,020 crore.

Q: What action is being taken against the defaulter promoters?

A: Registration of 73 projects of 31 promoters was cancelled under section-7 for default under the RERA Act. Action for promotion without registration of the project and marketing/promotion under section 3/59 has been taken against 19 promoters/agents and they have been fined Rs 40 crore.

Not filing QPR of housing projects on time have been penalised under section-61, a penalty of Rs 18.20 crore levied.

As much as Rs 24 crore fine has been imposed against 81 promoters under section 63 for violation of orders of RERA. SIT probe has been initiated against Unnati Fortune Company of Gautam Budh Nagar and K.R.Sons Company of Lucknow.

Using Section 8 of the Act, RERA has provided a new means for stranded home buyers to complete the housing project.

Of 14 such projects, the first project 'J.P. The Greens Calypso Court' (Phase-2), which has 148 units, has been established by the Noida Authority. On completion of these 14 projects, about 7,000 allottees will be able to get their years awaited houses.

Q: What is happening to the buyers associated with the biggest defaulters?

A: The biggest defaulters in the real estate sector are those who were considered to be the biggest housing groups. Like Amrapali Group whose projects are now being completed under the supervision of the Supreme Court, Jaiprakash Infrastructure Limited (JIL) which is still pending in NCLT and Supertech which is currently running in the NCLT.

Q: When it comes to banks and financial institutions, should the priority of banks be placed over the priority of homebuyers?

A: In this case, there has been a decision of the Supreme Court related to Rajasthan RERA, which I would like to share with you. If a home buyer's loan on a unit is from a bank, then the home buyer's title on that unit or property will be given priority. Home buyers have benefited from several Supreme Court judgments in such cases, which have helped in protecting their interests.

Source: IANS

Facebook Comments
7K home buyers of 14 projects to be delivered flats soon: UP RERA Prez Rajive Kumar

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

%d bloggers like this: