Buyers welcome UP-Rera’s decision to take over 7 stuck real estate projects

Rera conducted an inspection of Aranya, along with buyers, in Sector 119 to check the current status of the project. Similarly, the Rera team has in the past inspected the sites of other six projects to check the current status. The regulator has tried to help the promoters of these seven projects so that they deliver during the trial.

Homebuyers have welcomed the UP Real Estate Regulatory Authority’s (Rera) decision to take over seven stuck realty projects in Gautam Budh Nagar district. They hope the stuck projects will be finished and delivered by Rera at the earliest. “We have been struggling for our flats for many years. The builder kept making false promises, but did not do anything and diverted the funds collected from us. Then we filed a case in Rera for justice. Now, we hope only Rera can do justice and deliver flats,” said Kuheli Chatterjee, a buyer of Unnati Aranya.

Homebuyers have welcomed the UP Real Estate Regulatory Authority’s (Rera) decision to take over seven stuck realty projects in Gautam Budh Nagar district. (HT File Photo)

Rera conducted an inspection of Aranya, along with buyers, in Sector 119 to check the current status of the project. Similarly, the Rera team has in the past inspected the sites of other six projects to check the current status. The regulator has tried to help the promoters of these seven projects so that they deliver during the trial.

“But nothing worked out even after repeated meetings with the builders and the Rera officials. The builder does not have the will to deliver. Now, we hope Rera will deliver our project,” said Ritesh Singh, a buyer of Intellicity Business Park.

Three out of seven are commercial projects in which around 4,000 investors have bought retail space and some residential units. While in remaining four realty projects there are 4,710 flats yet to be delivered.

“Our builder has diverted the funds and now he is not in a mood to finish the project. If Rera takes it over and deliver, then it will be great. We are ready to support Rera,” said Varun Kumar, a buyer of Primrose Infratech.