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.
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.
The UPRERA allowed the homebuyer’s association of a project to take charge of the completion of four stuck projects. Discussions are still going on with the original builder Jaypee Associates to come on board as contractor.
Many builders in Noida and Greater Noida get ready to offer the possession of units to buyers despite the pendency of the Occupation Certificate.
UPRERA has deregistered a promoter/developer over financial irregularities, money laundering, double allotment of flats, diversion of funds and for many other reasons.
What if the project is stalled and builders do not have sufficient funds to complete the project. In such cases question arises that does RERA authorities have the power to take over the project?
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
UPRERA Authority shorlisted 10 housing project in Noida and Greater Noida, which may be deregistered within this month for the reasons of delays and non-compliance of the orders passed by the Authority.
There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.