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.

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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

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