UP RERA de-registers Festival City phase-I with immediate effect
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has ordered de-registration of Festival City phase-I with immediate effect. The project was being developed by Mist Direct Sales, a sister concern of Bhasin Group. The authority has also placed Mist Direct Sales in the 'defaulters list'. The bank account for the project has been frozen. It has also formed a committee, presided over by Balwinder Kumar, which will decide on the completion of the project. In March 2019, the authority had issued a show-cause notice to the builder, under section 7 of Real Estate (Regulation and Development) Act 2016 asking it to respond within 30 days as to why the registration of their project-Festival City phase-I be not cancelled. The notice was issued after about 19 home buyers of the project filed complaints against the builder saying that only 15 per cent of the construction is complete till date and the promoter has misused buyers' money. The registration department has also arrested the promoter of Mist Direct Sales as they have not paid stamp duty worth Rs 12 lakh, the buyers said in their complaint. Buyers have also claimed the construction work is stuck now and there had been changes in building plan as well.
Tags : News/Views Stamp Duty Home buyers UP-RERA Uttar Pradesh Real Estate Bhasin Group Festival City phase-I project complaints