Uttar Pradesh Real Estate Regulatory Authority ( UP RERA) gives an extension of three quarters for the registration piece of work. The RERA registered projects and other projects whose initial or prolonged registration is about to end on or prior to the end of 2021 needs to re-register the projects as soon as possible. The individual projects belonging from the NCR area have a period of nine months to do the same whereas this limit is restricted to six months for non-NCR areas.
The time extension has been put forward to detract the curtailments and to smooth the events resulting in the slowing down of property tasks. The augmentation of the period will cater to the allottees, to get possession of their homes within the bargain-basement time frame. However, this add-on is subject matter to monitor for the UP RERA authority.
The promoters of associated projects need to submit an application to avail the benefits of the extension period. The extension will be granted on receiving an application along with an affidavit mentioning that the project completion is accessible within the extended time frame. In addition, the promoter is supposed to submit a monetary plan, for the project completion based upon personal sources or through mission finance. The submitted request will be further evaluated by the technical division to determine the promoter’s veracity in this regard.
If the promoter is still not readily accepting the extended time frame as enough time for the final completion of the project, then he might have to go for a settlement or an MOU together with the AOA (Association of Allottees). Further decisions will be put forward based upon the method opted by the officials. Certain parameters will be taken into consideration to determine if there is scope for further extension. Although, every phrase and situation will be considered to reach a final decision.
The designated RERA officials will evaluate the application and will refer to both the sides presented by the promoter and AOA. An authentic choice will be made by the Authority after receiving the joint request from the promoter and AOA. In the end, the RERA authority will authorize or deauthorize the extension request. Although, the extended frame is subject to strict monitoring and every step and task will be precisely monitored to ensure that the project gets completed in this time for buyers convenience.
“Uttar Pradesh Real Estate Regulatory Authority ( UP RERA) has faith that the extension of time frame will cater completion of numerous projects that might get stuck in between generating inconvenience for the buyers.” The Secretary of UP RERA, Rajesh Kumar Tyagi further added that the waiting homebuyers will be able to access possession of their long-awaited houses.
