Over 100 Realty Projects Without Registrations in UP
In Noida, Greater Noida and Ghaziabad, over a 100 realty projects are currently functioning sans sanctioned maps and registrations, according to the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera). The builders are in a catch-22 situation as they do not have funds to pay up their dues to the respective industrial authority for which their plans are not getting periodic review. With plans not reviewed and stamped by the authority concerned. UP-Rera is also not renewing their registrations without which they are not able to secure loans to help settle the government debts. Balvinder Kumar, member of UP-Rera, said, “It’s a chain of financial logjam which has precipitated over the pandemic period, derailing over a hundred projects in Noida, Greater Noida and Ghaziabad. We have started meeting these builders to secure their compliance but most of them have liquidity issues. We are going to find a way to help them out of the tight spot through some bailout.” Kumar said, “We have given two pieces of advice to the builders. Those who are on the verge of completion, we have asked them to complete construction fast and work towards getting the completion and occupation certificates from authorities. Some recoverable dues from buyers would help them in cash flow. For those who are far from completion, there has to be some kind of bailout so that the homebuyers do not suffer. Builders already have one-year relaxation on registration validity and the UP-Rera has given an additional exemption of six months for all under-construction projects from March 2021.”
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