Deregistration notice issued to 7 Builders by UP RERA


Uttar Pradesh Real Estate Regulatory Authority (UP RERA) issued deregistration notices under Section 7 of the RERA Act to seven builders as on 8 March 2019, for failing to meet their commitments to buyers covering 14 projects and approx. 4800 residential units. The developers who had been served notices have failed to extend the registration.


ProjectDeveloper (Click for more details)UP RERA Registration No. for Project
Primrose RynePrimrose Infratech Pvt. Ltd.UPRERAPRJ7228
Sampada LiviaPSA Impex Pvt. Ltd.UPRERAPRJ5855
Circuit HeightsMSA Developers Pvt. Ltd.UPRERAPRJ13904
Greenbay Golf Homes & Golf VillageGreen Bay Infrastructure Pvt. Ltd.UPRERAPRJ9693
Intellicity ProjectIntellicity Business Park Pvt. Ltd.UPRERAPRJ11522
UPRERAPRJ11493
UPRERAPRJ11448
UPRERAPRJ11473
Festival City Phase 1, 2, 3Mist Direct Sales Pvt. Ltd.UPRERAPRJ2873
UPRERAPRJ3056
UPRERAPRJ3088
Aranya Phase 1,2,3,4&5 Unnati Fortune Holdings LtdUPRERAPRJ6846
UPRERAPRJ6974
UPRERAPRJ6988
UPRERAPRJ7010
UPRERAPRJ7028

UP RERA Chairman Mr. Rajiv Kumar said, "Deregistration notice has been served based upon the information collected, site inspections, complaints in RERA and non-compliance of the RERA Act. While the Authority had already given strict warnings almost two months ago, this decision was taken after home buyers flagged the repeated delays to the Authority".

The deregistration process will be moved forward in consultation with the State Government. In absence of any concrete response and time bound action plan from the Builders to deliver the project, the Authority will have following options:

     a) Authority can take over the unfinished projects and give first right of completion to buyers. If the buyers themselves are in a position to complete the projects by pulling their finances together, the Authority will supervise that.
     b) RERA can also give sudden directions to the Promoters to complete the projects as per the terms and conditions fixed by RERA Authority.
      c) The Authority can also hand over the projects to another co-developer and get the project completed.
     d) Another option can be selling the vacant land or constructing additional flats by utilizing the additional floor area ratio available.

Authority has decided that if:
      a)  There is no progress.
      b)  If the builder fails to deliver projects.
      c)  Fails to show his keenness to deliver flats.
      d)  If the Builder does not resume construction.
      e)  Is absconding or in jail.

The Authority will issue show cause notice to deregister their projects and take over their projects.

Notices have also been sent to many developers over bad construction quality and project delays. Going forward, another 12 developers have been shortlisted and the Authority may go ahead with notices cancelling registrations if they fail to provide a roadmap for completion.

 The Authority can provide a platform to take up stressed projects and bring them to completion as indicated in Section 8 of the RERA Act, 2016.
Also read: Application of 36 Builders rejected

Comments

  1. Anonymous20 May 2019 at 05:58

    Thanks for the information, it's good that RERA is working and hopefully more transparency will come to this sector.

    ReplyDelete
  2. Pradeep Rj7 February 2020 at 23:27

    Thanks for the content, Real Estate describes the manufactured condition without which the organizations and society can't work. The private and business sub-divisions of the Real bequest segment are secured under the Real Estate (Regulation and Development) Act, 2016. The point of the RERA Act is to secure the rights and interests of the customers and to advance consistency and institutionalization of strategic approaches and exchanges in the Real Estate division. It likewise endeavors to adjust the enthusiasm of purchasers and advertisers by forcing certain obligations on them two and looks to set up a balance of data among purchasers and advertisers. Visit vakilsearch to Rera complaint online: Rera Complaint Online

    ReplyDelete

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