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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..