UP RERA Set the Bars High By Recovering 150 crores Penalty

RERA gave words about a plan of action towards uncompleted projects. The authority set a benchmark by recovering an amount of INR 150 crore as a penalty. This amount was restored against 1000 recovery certificates passed in the last 4 years.

UP RERA officials have issued 4724 restoration certificates to the involved district magistrates to recover the due amount of the dwelling homebuyers in four years.

According to the Uttar Pradesh Real Estate Regulatory Authority by now INR 150 cr has been recovered towards 1000 restoration certificates. The reclaimed amount has been successfully transferred to the consumer’s account.

In addition, the project promoters and claimants have agreed on settlement terms. As per the final settlement terms, the promoters are liable to pay an amount of INR 300 cr to the homebuyers from which 33% of the settlement amount has been settled.

“In the period of four years, UP-RERA worked flawlessly by balancing the real estate sector development, and buyers interests at the same time. Almost 40% of the total number of complaints under RERA across the country are filed in Uttar Pradesh. UP RERA officials have successfully disposed of about 37% of them with flying colors in a short period.

By far, UP RERA has dictated 30500 complaints out of the overall lodged ones that are 38500. Numerous developers failed to deliver the projects within the expected dates which led to the adherence of 16400 orders together with the lodging of 11200 complaints about the enforcement of past orders.

In the past four years, certain RERA benches stepped forward for the betterment of the real estate sector and took 2463 proceedings in enforcement. All of these were correlated with the possession of due orders.

The Real Estate Regulatory Authority imposed a penalty of INR 8.77 crore in opposition to 103 promoters who failed to deliver promised possession. Additionally, RERA initiated recovery certificates against 56 promoters to recover a penalty of 6 crores.

“RERA performed beyond expectation by resolving a broad-range of complaints. The best complaint resolution mechanism was put forward that unlocked the door towards speedy relief of consumers’ problems.

By now, 2959 projects were registered under UP RERA amongst which 1125 projects are completed by the due date. This accounts for 38 percent of the overall RERA registered projects in Uttar Pradesh.

Overall, a penalty of INR 1.7 crore has been imposed against 342 pending projects. Additionally, the officials have asked the promoters of 1048 projects to refund an amount of INR 17.70 crore as they failed to update quarterly progress reports on the official portal. The final move was made by revoking the registration of 11 ongoing projects as they violated the RERA Act rules and regulations.