UP RERA recovers Rs 150 cr against 1,000 recovery certificates

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recovered a sum of about Rs 150 crore against around 1,000 recovery certificates and transferred the funds to the accounts of the home buyers.

The promoters and home buyers additionally have reached settlements in respect of recovery certificates estimating around Rs 300 crore.

On the reference of UP-RERA, the state government has begun an inquiry by SIT for serious irregularities against R-Sons working in Lucknow-Barabanki and Unnati Fortunes working in NCR, it said.

UP-RERA has settled around 30,500 complaints out of 38,500 complaints registered with it in the past four years.

After the due date expiry for compliance of 16,400 orders, approximately 11,200 complainants have requested the authority for those orders' execution. UP-RERA has released 4,724 recovery certificates to the concerned district magistrate for recovery of the money due to the home buyers. About 33% of the demand inherent in these recovery certificates has been decided.

Around 50% of the orders of the authority, due for compliance, have already been complied with, and it is taking strict penal action against the promoters for non-compliance of its orders.

UP-RERA has inflicted an Rs 8.77 crore penalty against 103 such promoters and additionally issued recovery certificates against 56 such promoters for recovery of an amount of Rs 6 crore of penalty.

There are 2,959 projects listed with UP-RERA out of which 1,125 projects, that is about 38% of the projects have been concluded. The authority has additionally listed 126 projects from outside planning areas under its special orders to protect the buyers interest.

It has inflicted a Rs 1.7 crore penalty against the promoters of 342 projects for not getting their projects listed on time with the authority. It also charged a Rs 17.70 crore penalty against the 1,048 project promoters for delaying updating the quarterly progress reports on the authority website.

The authority inflicted a Rs 50 lakh penalty against 12 promoters for promoting their projects before listing them.

UP-RERA has cancelled the registration of 11 projects for infringement of the act and the rules by the promoter, approved the association of apartments (AoAs) of the two projects for conducting the remaining development work of these projects and allowed the promoter and the AoA jointly for achieving four projects after a lapse of registration thereof.

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