UP-RERA grants nine month completion extension to 45 projects
Real Estate

UP-RERA grants nine month completion extension to 45 projects

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recognised 115 projects that will be granted a nine-month extension for completion, out of which 45 projects had already been granted an extension.

UP-RERA has recognised 115 projects that will be given a nine-month extension for completion, with the regulator monitoring the construction activity.

The application is invited from developers by the authority, along with an affidavit that it will finish the projects within the extended registration period.

For the project's completion, the developers had to submit requests along with a financial plan.

As many as 45 applications had already been given an extended period of nine months for completion.

The move is anticipated to give relief to over 30,000 homebuyers who are expecting the flats' delivery.

Chairman of UP RERA Rajive Kumar said that the projects are being identified that can be completed, with a little push and support.

After receiving applications, the authority is conducting a physical inspection and analysing the financial status of the projects.

The original registration or extended registration of projects ending on or before 31 December 2021, in the National Capital Region (NCR) region, six months for non-NCR areas - are being given priority.

Now, many developers will be able to replan their handovers, and sufficient safeguards have been given for preserving customer rights, say experts.

In the case, the promoter is not in a position to finish the project within the additional period of extended registration, it would be required to enter into an memorandum of understanding (MoU) or agreement with the Association of Allottees (AOA), UP-RERA said.

For additional time for project completion, the promoters have to approach the authority by the terms and conditions decided between the AOA and the promoter.

Image Source


Also read: UP-RERA rejects registration application of Supertech projects

Also read: Rohtas Plumeria Homes project completion gets UP RERA nod

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recognised 115 projects that will be granted a nine-month extension for completion, out of which 45 projects had already been granted an extension. UP-RERA has recognised 115 projects that will be given a nine-month extension for completion, with the regulator monitoring the construction activity. The application is invited from developers by the authority, along with an affidavit that it will finish the projects within the extended registration period. For the project's completion, the developers had to submit requests along with a financial plan. As many as 45 applications had already been given an extended period of nine months for completion. The move is anticipated to give relief to over 30,000 homebuyers who are expecting the flats' delivery. Chairman of UP RERA Rajive Kumar said that the projects are being identified that can be completed, with a little push and support. After receiving applications, the authority is conducting a physical inspection and analysing the financial status of the projects. The original registration or extended registration of projects ending on or before 31 December 2021, in the National Capital Region (NCR) region, six months for non-NCR areas - are being given priority. Now, many developers will be able to replan their handovers, and sufficient safeguards have been given for preserving customer rights, say experts. In the case, the promoter is not in a position to finish the project within the additional period of extended registration, it would be required to enter into an memorandum of understanding (MoU) or agreement with the Association of Allottees (AOA), UP-RERA said. For additional time for project completion, the promoters have to approach the authority by the terms and conditions decided between the AOA and the promoter. Image Source Also read: UP-RERA rejects registration application of Supertech projects Also read: Rohtas Plumeria Homes project completion gets UP RERA nod

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Next Story
Real Estate

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

Next Story
Infrastructure Urban

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?