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.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..