Over 90 Unfinished Realty Projects to Shut in UP

Amid the ongoing slowdown in the real estate sector, more than 90 unfinished projects in Uttar Pradesh will be shut down, said UP Real Estate Regulatory Authority (UP-Rera). According to the rules, a promoter has to register the project with the UP-Rera and obtain the

BY Realty Plus
Published - Wednesday, 11 Aug, 2021

Over 90 Unfinished Realty Projects to Shut in UP

Amid the ongoing slowdown in the real estate sector, more than 90 unfinished projects in Uttar Pradesh will be shut down, said UP Real Estate Regulatory Authority (UP-Rera). According to the rules, a promoter has to register the project with the UP-Rera and obtain the registration number before launching it. So far, 31 out of 91 projects -- three in Gautam Budh Nagar -- have been shut down. Promoters of these 91 projects had applied for cancellation of registration between January 2018 and July 2021, according to the UP-Rera. “Once a promoter applies to cancel the registration number of a realty project, he has to adhere to some conditions, such as there should be no third-party interest, no investment by any homebuyer, and submission of an affidavit. If a promoter fulfils all the requisite conditions, we proceed with the cancellation of registration. As of now, 31 promoters cancelled registrations, and the remaining are pending,” said Rajive Kumar, chairman, UP-Rera. However, Kumar said, "Real estate sector is witnessing a positive sentiment and the sales are picking up following the second wave of Covid-19. “Only 91 out of the total 3,000 registered projects want to cancel their registration. On an average, we are also registering 15-20 new projects in a month. This means that the sector in UP is reviving. According to the process, after promoters file cancellation applications, we ask them to publish the same in newspapers so that the investors or homebuyers of those projects get an opportunity to file their objection pleas, if any. We proceed with the cancellation only after issues of buyers are settled amicably.” There are 3,000 registered projects in the state, of which around 60% are in Noida, Greater Noida, Ghaziabad and the Yamuna Expressway area, said the regulator.