LUCKNOW: Uttar Pradesh Real Estate Regulatory Authority (UPRERA) chairman Rajive Kumar on Friday advised developers to be self-regulatory to earn the confidence of buyers.
Addressing developers at the annual general meeting of Confederation of Real Estate Developers Association of India (CREDAI) here on Friday, Kumar said: “Developers must also help their colleagues, who are in distress, to complete their projects” and added: “You must develop such a mechanism to help your own people to come out of crisis.”
“Around 25 per cent of projects are such that they are running at a rapid pace. While 50 per cent have some problem and need help to complete,” said Kumar. He added that only 25 per cent of the projects are facing problem due to various reasons, including diversion of funds to other projects.
Kumar advised developers to implement directives of UPRERA to avoid any trouble and prevent people from reaching out to national company law tribunal (NCLT) for redressal of their problems.
The UPRERA chief assured a single window system for developers, like the one for industrialists, where all clearances for their projects would be given at one place. He advised the developers to take reformative approach and become nation developers and not just builders.
Kumar also answered queries of developers during an interactive session.
{{/usCountry}}Kumar also answered queries of developers during an interactive session.
{{/usCountry}}Speaking on the occasion, Qasim Ali, secretary, CREDAI UP, said: “In the last few years real estate industry has undergone a lot of transformation and now it is looking to a new era.”
Prominent among those present on the occasion were Mahindra Singh, cabinet minister in the state government, Prof SP Singh, vice chancellor of Lucknow University, Abrar Ahmed, secretary, UPRERA, SK Garg, chairman, CREDAI UP and Ramandeep Singh, joint secretary of the organisation.