The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) will not be easy on defaulting developers in NCR. The authority intends to review projects by over a 100 developers that have been ‘extremely delayed’ by three to six years.
UPRERA has also declared that the authority will not hesitate in taking strict actions against defaulting developers and will deregister or take over the projects if the concerned builders do not come around to finish them.
The review of some 100 zeroed-in developers will be done over the next few months. Under the reevaluation, the authority will also take fresh timelines from them to know exactly by when they intend completing the projects if needed.
“We are hopeful that by the next fortnight we would have reviewed the progress of almost 70 percent of all the delayed projects,” Balwinder Kumar, member of UP RERA bench told Moneycontrol. “As many as 100 builders have defaulted in the UP NCR region with their projects having been delayed by three to six years on an average.”
The authority reportedly has declared that if there is no progress and if the builder fails to deliver projects or fails to show his keenness to deliver flats or if he does not resume construction or is absconding or in jail, a show cause notice will be issued. Such projects will be deregistered and UPRERA will take over them.
Speaking about UPRERA will manage to complete the taken-over projects, the official declared that the authority can take up any of the options available- asking buyers’ associations to complete it, inducting a third party by getting in a co-developer, or asking NBCC or any other public sector undertaking to take over the projects.
By this strategy, UPRERA reportedly hopes to ensure delivery of almost 30,000 delayed units by end of next year up to December 2019.
In a similar move, at a meeting held last week, Greater Noida bench of UPRERA ordered seven Noida-based developers to speed up completion of flats that are behind schedule by at least three to six years. The order came after it was revealed in a survey that 21,000 apartments in residential projects by Logix group, Today Homes, Rudra Buildwell, Omaxe, Supertech, Mascot Homes among others are ‘extremely delayed’.