The RERA Chief of Uttar Pradesh, this initiative will benefit more than 30,000 home buyers. He said that the new promoters would use the unsold flats and nearby land to raise money and complete the project. According to Rajiv, there is a provision under Sections 7 and 8 of the Real Estate (Regulation and Development) Act, 2016.
- Projects on NCR that have been halted for more than a year, new developers can revive them
- UP Rera to issue tender again for stuck housing projects
- RERA has identified more than two dozen ‘stuck projects’ to de-register in the state’s NCR cities
- This initiative will benefit over 30,000 home buyers
UP Rera Chief told Economic Times, “Section 7 states that if a project is stuck, all violations are brought to the attention of the original promoter.” If he expresses his intention to complete the project, then we form a monitoring committee and give him a chance. goes. If two-thirds of them agree, the authority starts de-registering action under section 8.
The provision was first used in May when RERA de-registered the Aranya Housing project of Unnati Fortune Holdings in Noida. Rera had found irregularities in the Aranya project such as financial irregularities, fund diversion, and misuse and fake allotment of apartments. Rajeev said, “Aranya case will be the benchmark for such projects. We had issued notices to 6-7 developers and the first case is in the Appellate Authority. ‘
The authority de-registered the PSA Impex estate Livia Residential Project in Greater Noida. According to RERA, about 750 units were proposed in this project and since 2018, no work has been done on it. In March, the authority sent a notice of de-registration to 14 builders and seven builders of 4,800 residential units for failing to fulfill the promises made to buyers.
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