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

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.

Image Source


Also read: UP-RERA grants nine month completion extension to 45 projects

Also read: UP RERA has decided to organise National Lok Adalat on July 10

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. Image SourceAlso read: UP-RERA grants nine month completion extension to 45 projects Also read: UP RERA has decided to organise National Lok Adalat on July 10

Next Story
Real Estate

Signature Global Awards Rs 5.6737 Billion Contract for Daxin Vistas

Signature Global (India), a leading real estate brand, has awarded construction contracts worth Rs 5.6737 billion (bn) for Daxin Vistas, an integrated township in Sohna, South of Gurugram. The announcement came during the Bhoomi Pujan ceremony, where the sample flat was also unveiled.The contracts were secured by B. L. Gupta Construction (P) Ltd. for Rs 4.82 bn to develop 2,792 independent floors in 36 months, while Shri Balaji Construction will execute external works, including sewage treatment, stormwater drainage, irrigation, and rainwater harvesting, for Rs 853.7 million.Lalit Kumar Aggarw..

Next Story
Resources

SOCOMEC Unveils High-efficiency UPS Delphys XM & DIRIS A-100/A-200 Meters

Socomec, a leading global specialist in LV power management solutions, proudly announces the launch of its latest solutions – the DELPHYS XM, an advanced Uninterruptible Power Supply (UPS) system ranging from 300 to 800 kVA/kW, and the DIRIS A-100/A-200, the ultimate all-purpose panel-mounted power quality meters, specifically designed to meet the demands of modern Data Centres and other critical infrastructures. With the DELPHYS XM offering advanced power management capabilities and the DIRIS A-100/A-200 providing intuitive energy monitoring, these products are set to revolutionize how indu..

Next Story
Infrastructure Urban

ASI Begins Underwater Archaeological Exploration in Dwarka

A team of five archaeologists from the Archaeological Survey of India (ASI), led by Prof. Alok Tripathi, Additional Director-General (Archaeology), has launched a new underwater exploration off the coast of Dwarka. The team, which includes H.K. Nayak, Dr. Aparajita Sharma, Ms. Poonam Vind, and Rajkumari Barbina, has chosen an area near the Gomati Creek for initial investigations. Notably, this marks the first time ASI has deployed a team with significant female representation for underwater research. The exploration is part of the revived Underwater Archaeology Wing (UAW) of ASI, which ha..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?