Real Estate (Regulations and Development) Act, 2016 came into force on 1st of May in 2017, to cleanup the mess in the Indian Real Estate Sector. It is the fist ever Act which has given the power to each and every state for making up it’s own rules in accordance with the Centeral Act. Most of the states have started their Real Estate Regulatory Authority to address the grievances of the home buyers.
Lately, a massive step has been taken up by the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) by issuing recovery notice against 5 builders who have failed to comply with the orders passed by the Authority in lieu of the the complaint filed by the allottees. All these 5 builders are from NCR Region out of which 4 are from Gautam Baudh Nagar and 1 from Ghaziabad. According to UPRERA official till date more than 1500 projects have been registered with the Authority out of which majority are from Delhi NCR Region.
Letters have been sent to the concerned district magistrate to recovery the dues amounting to Rs. 1.6 Cr. as land revenue and to deposit the same vide bank draft in the UPRERA Account. Further the sources have stated that the Authority will be taking up the same actions against some other builders also against whom the non-compliance complainant have been filed.
This is a major and a drastic step taken by the Regulators as in Uttar Pradesh it was alleged that builder’s were not taking the orders passed by the authority seriously by not abiding the same.