UP to speed up realisation of RCs issued by RERA in next year
Real Estate

UP to speed up realisation of RCs issued by RERA in next year

Uttar Pradesh is expecting to expedite the process of realisation of recovery certificates (RCs) issued by RERA in favour of homebuyers in the coming fiscal year, starting April, with the state government last December empowering district administrations to put up properties of errant developers for e-auction.

Since the state has been in election mode, its complete execution will commence once the next government takes office, as per the officials. Data up to January 2021 reveals that in Uttar Pradesh, out of 2,177 RCs that were released, since the start of Real Estate Regulations Act (RERA) in 2018, just 353 were issued by district administrations. District administrations are enforcers of RC orders from RERA.

There is a condition in Section 40 of the Real Estate (Regulation and Development) Act, 2016, which authorises district administrations to recover dues or arrears from erring developers on any UP-RERA bench order which has given an RC. But it was brought to the notice of the government that there are many banks which, to recover dues from defaulter developers, e-auction their properties, Rajive Kumar, chairperson of the UP-RERA told the media.

In one of the meetings with the government, an idea came up that district administrations should also be granted powers to e-auction properties of developers to recover dues of unhappy homebuyers since it will be less cumbersome than the traditional method.

With voting in the seven-phase assembly polls approaching the final lap and results to be announced on March 10, UP-RERA expects to witness a faster process of RC realisations once the next government is in place.

To prepare for this, they have asked all district administrations to share information on how many recovery certificates they have acted upon.They are additionally collecting data from across the state on how many recovery certificates have been released.

Image Source

Also read: UP RERA revives 4-year stalled projects in Noida

Uttar Pradesh is expecting to expedite the process of realisation of recovery certificates (RCs) issued by RERA in favour of homebuyers in the coming fiscal year, starting April, with the state government last December empowering district administrations to put up properties of errant developers for e-auction. Since the state has been in election mode, its complete execution will commence once the next government takes office, as per the officials. Data up to January 2021 reveals that in Uttar Pradesh, out of 2,177 RCs that were released, since the start of Real Estate Regulations Act (RERA) in 2018, just 353 were issued by district administrations. District administrations are enforcers of RC orders from RERA. There is a condition in Section 40 of the Real Estate (Regulation and Development) Act, 2016, which authorises district administrations to recover dues or arrears from erring developers on any UP-RERA bench order which has given an RC. But it was brought to the notice of the government that there are many banks which, to recover dues from defaulter developers, e-auction their properties, Rajive Kumar, chairperson of the UP-RERA told the media. In one of the meetings with the government, an idea came up that district administrations should also be granted powers to e-auction properties of developers to recover dues of unhappy homebuyers since it will be less cumbersome than the traditional method. With voting in the seven-phase assembly polls approaching the final lap and results to be announced on March 10, UP-RERA expects to witness a faster process of RC realisations once the next government is in place. To prepare for this, they have asked all district administrations to share information on how many recovery certificates they have acted upon.They are additionally collecting data from across the state on how many recovery certificates have been released. Image Source Also read: UP RERA revives 4-year stalled projects in Noida

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?