UP RERA aims to revive 10,000 stalled housing units

06 Sep 2023 CW Team

This effort by the authority encompasses the examination of 17 housing projects valued at approximately Rs 20 billion, all of which have encountered various obstacles such as fund misappropriation, loan defaults, promoter bankruptcies, and financial misconduct.

Sanjay Bhoosreddy, Chairman of UP RERA, expressed the regulator's intent, stating, "The regulator will engage with defaulting promoters, financial institutions, bankers, and agents to formulate a comprehensive plan for the resurrection of these projects." Notably, some of these projects are associated with prominent builders such as Ansals and Supertech.

Highlighting the concerning trend of real estate companies facing bankruptcy, Chief Minister Yogi Adityanath had urged officials to devise a strategy to address this issue in the previous year.

The onset of this distressing trend in the state can be traced back to the bankruptcy of leading realtor, the Amrapali Group. Subsequently, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against two major players, namely Supertech and Logix City Developers.

Beyond Noida and Ghaziabad, Bhoosreddy noted that new housing projects were being proposed in smaller towns, including Jhansi, Bareilly, Moradabad, Agra, Mathura, and Vrindavan, indicating the growth of the organised real estate sector.

Among the nearly 2,056 projects currently in progress, more than half were concentrated in the eight districts of the National Capital Region (NCR) of UP, particularly Gautam Buddha Nagar, Ghaziabad, Meerut, and Hapur.

In non-NCR districts, Lucknow accounted for 400 projects, equivalent to 20 per cent of the total ongoing projects.

Since its establishment, UP RERA has issued 8,575 recovery certificates, amounting to over Rs 30 billion, against defaulting builders and developers. RERA was implemented nationwide in May 2017.

Bhoosreddy added, "To date, approximately 3,470 projects have been registered with the Authority. In 2023, nearly 125 new projects have been registered thus far, with 225 projects registered in the previous year."

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) is undertaking an initiative to revive housing projects comprising 10,000 units in order to safeguard the interests of both homebuyers and lenders.This effort by the authority encompasses the examination of 17 housing projects valued at approximately Rs 20 billion, all of which have encountered various obstacles such as fund misappropriation, loan defaults, promoter bankruptcies, and financial misconduct.Sanjay Bhoosreddy, Chairman of UP RERA, expressed the regulator's intent, stating, The regulator will engage with defaulting promoters, financial institutions, bankers, and agents to formulate a comprehensive plan for the resurrection of these projects. Notably, some of these projects are associated with prominent builders such as Ansals and Supertech.Highlighting the concerning trend of real estate companies facing bankruptcy, Chief Minister Yogi Adityanath had urged officials to devise a strategy to address this issue in the previous year.The onset of this distressing trend in the state can be traced back to the bankruptcy of leading realtor, the Amrapali Group. Subsequently, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against two major players, namely Supertech and Logix City Developers.Beyond Noida and Ghaziabad, Bhoosreddy noted that new housing projects were being proposed in smaller towns, including Jhansi, Bareilly, Moradabad, Agra, Mathura, and Vrindavan, indicating the growth of the organised real estate sector.Among the nearly 2,056 projects currently in progress, more than half were concentrated in the eight districts of the National Capital Region (NCR) of UP, particularly Gautam Buddha Nagar, Ghaziabad, Meerut, and Hapur.In non-NCR districts, Lucknow accounted for 400 projects, equivalent to 20 per cent of the total ongoing projects.Since its establishment, UP RERA has issued 8,575 recovery certificates, amounting to over Rs 30 billion, against defaulting builders and developers. RERA was implemented nationwide in May 2017.Bhoosreddy added, To date, approximately 3,470 projects have been registered with the Authority. In 2023, nearly 125 new projects have been registered thus far, with 225 projects registered in the previous year.

Real Estate

11 Mar 2026

Kumar Corp Launches Plumeria Project In Bengaluru

Kumar Corp has launched Kumar Plumeria, a premium residential development near KIADB Aerospace Park in Bengaluru. The project comprises six residential towers offering 3.5 BHK, 3.5 BHK with staff and 4.5 BHK with staff residences designed with expansive balconies, natural ventilation and landscaped surroundings. The development features saleable areas ranging from about 2,680 sq. ft. to 3,070 sq. ft. and is planned as a low-density community with around 100 residences. The project integrates a landscape master plan that includes open green spaces, community zones and recreational amenities. ..

Technology

11 Mar 2026

Blum India Launches Blum Club App

Blum India has introduced the Blum Club app, a loyalty platform designed for carpenters and contractors to recognise and reward their role in furniture installation and interior construction. The app allows users to scan QR codes on Blum product packaging to collect points linked to purchases. These points can be redeemed directly as monetary transfers to bank accounts through the platform’s redemption system. Neelam Shah, Head of Marketing and Communications at Blum India, said the initiative is aimed at recognising the contribution of craftsmen who install hardware products in residentia..

Building Material

11 Mar 2026

Enlight Metals Launches Waste Free Steel Procurement Model

Enlight Metals has introduced its Waste Free Steel (WFS) initiative, aimed at transforming steel procurement through precision-driven sourcing and advanced material planning. The programme seeks to reduce steel wastage by 8–10 per cent in infrastructure and EPC projects by shifting procurement practices from volume-based buying to drawing-based supply aligned with engineering requirements.The initiative is powered by Enlight Metals’ Agentic AI–enabled metal procurement platform, which enables project teams to submit technical drawings and material specifications for detailed analysis. Ba..