UP Developers Can Refund Home Buyers in Instalments
Uttar Pradesh Real Estate Regulatory Authority (UP RERA) asked five of the 25 defaulting real estate developers, against whom recovery certificates had been issued, to refund the amount in instalments to homebuyers. The developers have also been asked to provide details of the properties that can be auctioned to recover the amount due to buyers. UP RERA would decide on the penalty to be imposed in case the developers fail to comply. It intends holding meetings with the remaining 20 developers in the next three days. Most of the complaints received from homebuyers had to do with delay penalties and non-payment of amount due to buyers against the recovery certificates issued by UP RERA. UP RERA has so far issued about 2,000 recovery certificates, and the value of the amount in these recovery certificates is over Rs 600 crore. About 15 percent of the amount against the recovery certificates has been realized and transferred to the homebuyers.
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