UP-RERA deregisters Aranya Project of Unnati Fortune Holdings Limited

Unnati Fortune Holdings Deregistered

RERA has started to plug in loops and strengthen its grip on builders. In a first, Uttar Pradesh Real Estate Regulatory Authority has deregistered a project in Noida after it found serious financial irregularities, diversion and siphoning of funds and cases of double allotment, a senior UP RERA official said.

The Authority has already issued notice for deregistration to 7 builders in past and the builder being deregistered is amongst one of them. The builder being Unnati Fortune Holdings Limited and the project being Aranya Phase 3,4 & 5.

"Deregistration order was served based upon the information collected, site inspections made, complaints registered in RERA and non-compliance of the provisions of RERA Act. The decision was taken after the builder failed to respond to warnings and notices served to them," said UP RERA Chairman Rajive Kumar.

Six more projects are under scrutiny, officials said. Click here for the list of those projects.

Read more: UP RERA issues deregistration notice to 7 builders

In its order passed on Wednesday, the authority decided to deregister Unnati Fortune Holdings Ltd's project Aranya Phase 3, 4 and 5 under Section 7 of the RERA Act.UP RERA has found that there were severe financial irregularities, diversion and siphoning of funds and cases of double allotment in the project, they said. The process after deregistration will commence in consultation with the State Government. 

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