NOIDA: The Gautam Budh Nagar district administration has so far been able to retrieve only about 13% of its target for the current fiscal from builders against whom recovery certificates had been issued by the Uttar Pradesh Real Estate Regulatory Authority (UP Rera).
According to district magistrate Suhas LY, all tehsildars have been asked to speed up the process, so that the money can be returned to buyers. “A recovery notice is issued after an individual or firm refuses to pay the default amount. We have received recovery certificates from the regulatory authority to the tune of ₹296.68 crore. We want to ensure maximum recovery so that buyers who have invested their hard-earned money and approached the court with hopes can be given some relief,” he said.
Vandita Srivastava, the additional district magistrate (finance and recovery) said that for the 2020-2021 fiscal, the district administration has so far recovered nearly ₹39.55 crore from builders declared defaulters by the Rera. “The recovered amount will soon be credited to the UP Rera’s accounts,” she said.
She added that it is not an easy task to recover money from defaulters. “Recovery certificates are orders issued by the regulatory authority asking builders to clear buyers’ dues if the builders have failed to deliver projects within deadline. We have already started recovery operations against defaulters in all tehsils. We’ll soon intensify the crackdown so that relief can be provided to the harassed lot of buyers and their faith in the judiciary remains intact,” she said.
{{/usCountry}}She added that it is not an easy task to recover money from defaulters. “Recovery certificates are orders issued by the regulatory authority asking builders to clear buyers’ dues if the builders have failed to deliver projects within deadline. We have already started recovery operations against defaulters in all tehsils. We’ll soon intensify the crackdown so that relief can be provided to the harassed lot of buyers and their faith in the judiciary remains intact,” she said.
{{/usCountry}}When contacted, Rajive Kumar, the UP Rera’s chairman, said that once the amount is credited in UP Rera’s accounts with details of defaulters, the authority will begin the process of reimbursing buyers. “It is not a time-consuming exercise. There are simple formalities for buyers such as submitting affidavits and bank account numbers. After that, the money is credited to their accounts,” he said.
The Allahabad high court had recently asked the Gautam Budh Nagar administration to ensure that recovery certificates issued by UP Rera are honoured by defaulters “preferably within three months”. In a reply to an RTI query, it was revealed that the UP Rera, since its inception in May 2016, has so far disposed of 74% of the total cases in the state, but only 16% of the recovery certificates issued by it have been realised so far.
Since its inception, recovery certificates to the tune of around ₹1,000 crore have been issued by the regulatory authority against different builders in the Gautam Budh Nagar district so far.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.
Stay updated with all the Breaking News and Latest News from Mumbai. Click here for comprehensive coverage of top Cities including Bengaluru, Delhi, Hyderabad, and more across India along with Stay informed on the latest happenings in World News.