UPRERA has imposed a cumulative penalty of over Rs 1.93 crore to 14 promoters over non-compliance of its orders under Section 63 of the RERA Act.
UP RERA recently passed an order making it mandatory for all the developers to mention the Registration number in the advertisement along with a link to RERA website.
The decision was taken on the demand made by the homebuyers of Jaypee Greens Knight Courts that the promoter completes the remaining work because a new developer may further delay the project.
UPRERA Authority has imposed penalty of Rs 2.5 crore against 11 developers for failing to comply with the authority’s order, which were in favor of homebuyers.
The authority should take proper cognizance and ensure compliance of Recovery Certificates by builders and protect the interest of homebuyers.
Hon’ble UPRERA Authority has heard more than 2400 cases post the lockdown through the means of Video Conferencing which is the new way of life for all of us.
By the reduction of duties to be paid at the time of registration, the real estate sector would witness the much-needed boost in demand.
UPRERA has deregistered a promoter/developer over financial irregularities, money laundering, double allotment of flats, diversion of funds and for many other reasons.
The delay in projects got converted from months to years shattering the dream of owning a home of many homebuyers. A detailed article on how to get refund from the builders under RERA.
In recent time, we have heard a lot about real estate frauds and irregularities in Noida, UP. Some of the builders has applied for insolvency.