E-Paper
UP RERA to revive stuck projects by roping in RWAs
This approach is suitable for projects where the promoter is keen to complete the project but is unable to do so either due to expiry of registration with the UP RERA or due to differences with the allottees.
Lucknow: The UP Real Estate Regulatory Authority (UP RERA) is planning to revive stuck housing projects across the state with the help of resident welfare associations and home buyers’ associations.
Of late, UP RERA has successfully revived several housing projects that were lying incomplete or were stuck due to various reasons, including non-compliance with orders of the regulatory authority.
Recently, the UP RERA also authorised the Plumeria Homes Welfare Association to complete remaining development work of Rohtas Plumeria Homes housing project in Gomti Nagar here.
The registration of this project was revoked on August 3, 2019, after the promoter violated various regulations of the RERA Act.
“The national capital region of Uttar Pradesh has had its share of delays in real estate projects, causing misery and suffering to thousands of homebuyers. Most often these delays are due to promoters failing to fulfill commitments made to homebuyers,” said Rajive Kumar, chairman, UP RERA.
According to RERA officials, based on the audit done by consultant Currie & Brown last year, it has come to light that around 40 projects in Gautam Buddh Nagar district have been found as net positive surplus and are viable for completion under this model in future.
This approach is ideally suitable for projects where the promoter is keen to complete the project but is unable to do so either due to expiry of registration of the project with the UP RERA or due to differences with the allottees.
“The UP RERA is planning to extend this approach to various other projects in the state which are stalled either due an impasse between the promoter and the homebuyers or the completion date (as declared by the promoter) has lapsed, including the one-year extension permissible under section 6 of the RERA Act,” said a RERA official.
This process will ensure a quick and lasting solution to the stalled projects and safeguard the interests of homebuyers, he added.
Under the banner of Uttar Pradesh Aggrieved Home Buyers’ Rights Association, home buyers from all over the state had decided to analyse all pending housing projects and approach the UP RERA for their completion, said Alok Singh, convenor, Uttar Pradesh Aggrieved Home Buyers’ Rights Association.
