+
UP-RERA nods nine-month extension for project registration
Real Estate

UP-RERA nods nine-month extension for project registration

In the NCR region, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant a nine-month extension to projects whose original or extended registration expires on or before 31st December 2021, and six months in the non-NCR region.

The decision was made to alleviate constraints and speed up the development of stalled real estate projects so that allottees can receive their homes in a reasonable amount of time.

The Authority will monitor such projects closely, and the extension will only be granted if certain conditions are met.

If a project's completion date is after 31st December 2021, the promoter will be required to expedite development work and finish the project within the existing registration period.

Such an extension would be granted only upon the promoter of the project applying with an affidavit that it could complete the project within the extended registration period, as well as on the condition that the promoter submits a convincing financial plan to complete the project, either through project finance or from its resources.

Before deciding on any such request from the promoter, the authority will have the physical progress of the project verified by its technical division to verify the promoter's undertaking in this regard.

If the promoter is unable to complete the project within the extended registration period, it will be required to enter into a Memorandum of Understanding (MoU) with the Association of Allottees (AOA) and apply to the authority for additional time to complete the project in accordance with the terms and conditions agreed upon by the AOA and the promoter.

The authority will make an appropriate decision to authorise the promoter to complete the project's remaining work after receiving such a joint request from the promoter and the AOA.

According to the authority, allowing more time for project completion will help to expedite the completion of many projects, resulting in the delivery of homes to a large number of eager home buyers.

Image Source


Also read: Gujarat grants relief to buildings yet to obtain BU permission

Also read: Nagpur Improvement Trust extends deadline for ground rent payment

In the NCR region, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant a nine-month extension to projects whose original or extended registration expires on or before 31st December 2021, and six months in the non-NCR region. The decision was made to alleviate constraints and speed up the development of stalled real estate projects so that allottees can receive their homes in a reasonable amount of time. The Authority will monitor such projects closely, and the extension will only be granted if certain conditions are met. If a project's completion date is after 31st December 2021, the promoter will be required to expedite development work and finish the project within the existing registration period. Such an extension would be granted only upon the promoter of the project applying with an affidavit that it could complete the project within the extended registration period, as well as on the condition that the promoter submits a convincing financial plan to complete the project, either through project finance or from its resources. Before deciding on any such request from the promoter, the authority will have the physical progress of the project verified by its technical division to verify the promoter's undertaking in this regard. If the promoter is unable to complete the project within the extended registration period, it will be required to enter into a Memorandum of Understanding (MoU) with the Association of Allottees (AOA) and apply to the authority for additional time to complete the project in accordance with the terms and conditions agreed upon by the AOA and the promoter. The authority will make an appropriate decision to authorise the promoter to complete the project's remaining work after receiving such a joint request from the promoter and the AOA. According to the authority, allowing more time for project completion will help to expedite the completion of many projects, resulting in the delivery of homes to a large number of eager home buyers. Image Source Also read: Gujarat grants relief to buildings yet to obtain BU permission Also read: Nagpur Improvement Trust extends deadline for ground rent payment

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?