UP RERA Recovered Rs 150 Crore from Developers in Four Years
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued 4724 recovery certificates to the concerned district magistrate for recovery of the money due to the home buyers in four years. According to the authority, about Rs 150 crore has been recovered against about 1000 recovery certificates and transferred to the accounts of the home buyers. Additionally, the promoters and home buyers have reached settlements in respect of recovery certificates amounting to about Rs 300 crore, suggesting almost 33 percent of the demand in these recovery certificates has been settled. “In four years, UP-RERA has worked for the balanced development of the real estate sector and protection of the consumer interests. About 40 percent of all the complaints filed in RERA all over the country have been filed with UP RERA and it has disposed off about 37 percent of all the complaints decided by all the RERAs put together,” the authority said. UP RERA has decided about 30500 complaints out of 38500 complaints filed with it. After the expiry of the due dates for compliance of 16400 of orders, about 11200 complainants have approached RERA for enforcement of those orders. In four years, different benches of RERA have decided 2463 proceedings for enforcement of orders relating to possession and other orders due for enforcement. RERA has imposed penalty of Rs 8.77 crore against 103 such promoters and also issued recovery certificates against 56 such promoters for recovery of an amount of Rs 6 crore of penalty. “RERA has decided very vast number of complaints and provided speedy relief to the consumers by way of effective action for enforcement of its orders. RERA is committed to give further momentum to its endeavors in this regard,” the authority said. There are 2959 projects registered with UP RERA out of which 1125 projects, about 38 percent of the projects have been completed. RERA has also got registered 126 projects from outside planning area under its special orders with a view to protect the interests of the consumers. UP RERA has imposed penalty of Rs 1.7 crore against the promoters of 342 projects for delay in getting their projects registered. In addition, it has imposed penalty of Rs 17.70 crore against the promoters of 1048 projects for not updating quarterly progress reports on the website of RERA in time. RERA has also revoked registration of 11 projects for violation of the act and the rules by the promoter, authorized the AOAs of the two projects for carrying out the remaining development work of these projects and authorized the promoter and the AOA jointly for completing four projects after lapse of registration thereof.
Tags : News/Views Developers homebuyers Real Estate Regulatory Authority UP-RERA recovery District Magistrate