Refunds, a relief guaranteed under UP-RERA

18 Aug 2023 CW Team

Only 5% of RCs given by the real estate ombudsman since 2018 have been recovered in Noida, the largest real estate market in Uttar Pradesh and one with most of its issues, mostly delayed deliveries and unfinished projects.

If angry homebuyers contact Rera against defaulting developers for refunds, RCs are issued in accordance with two provisions - Section 40 (1) of the UP Rera Act and Rule 23 of the UP-Rera Rules - but it is the district administrations' responsibility to implement the RCs.

According to information provided by the Noida administration, just 118 of the 2,352 RCs awarded since 2018—worth a total of Rs 875.6 crore—have been realized as of July 2023.

This represents under 5% of all RCs granted. Rera officials said that RC execution resumed after the pandemic and that the Noida administration recovered an additional Rs 196 crore this year, although the money has not yet appeared in the administration's logs. According to officials, the Wave Group paid off RC debt totalling Rs 96 crore in June and recovered another Rs 100 crore in RC debt between January and March of this year.

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