₹128 crore returned to over 350 homebuyers this year: UP Rera
With this, UP Rera has, to date, transferred Rs 1,360 crore into the bank accounts of approximately 5,500 homebuyers who never received possession of their homes.
"So far, we have issued over 12,900 recovery certificates (RCs) worth Rs 3,900 crore, predominantly in the national capital region (NCR). We assure every complainant (homebuyer) who has approached Rera that justice will be delivered. Either they will get their dream home or their money back from the promoters," said chairman of UP RERA, Sanjay Bhoosreddy.
UP Rera has also facilitated settlements in approximately 8,500 complaints worth Rs 3,320 crore, involving both refunds and possession of units, through conciliation forums set up in Lucknow and Greater Noida. Additionally, around 1,650 RCs worth Rs 500 crore have been settled mutually between promoters and homebuyers.
"We have tightened the noose around promoters who were exploiting loopholes in the system.
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Now, if any promoter fails to comply with or contravenes any order or direction issued by UP Rera, they will be liable to pay a penalty for each day of non-compliance," he added.
In total, UP RERA has received 57,626 consumer complaints and successfully resolved 50,025 of them — about 86.81% of the total. The top five districts in terms of consumer complaints are Gautam Buddha Nagar, Lucknow, Ghaziabad, Varanasi, and Meerut.
Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has claimed to have recovered Rs 128 crore from promoters who failed to complete their housing projects and deposited the amount into the bank accounts of around 376 homebuyers so far this calendar year.
With this, UP Rera has, to date, transferred Rs 1,360 crore into the bank accounts of approximately 5,500 homebuyers who never received possession of their homes.
"So far, we have issued over 12,900 recovery certificates (RCs) worth Rs 3,900 crore, predominantly in the national capital region (NCR). We assure every complainant (homebuyer) who has approached Rera that justice will be delivered. Either they will get their dream home or their money back from the promoters," said chairman of UP RERA, Sanjay Bhoosreddy.
UP Rera has also facilitated settlements in approximately 8,500 complaints worth Rs 3,320 crore, involving both refunds and possession of units, through conciliation forums set up in Lucknow and Greater Noida.
Additionally, around 1,650 RCs worth Rs 500 crore have been settled mutually between promoters and homebuyers.
"We have tightened the noose around promoters who were exploiting loopholes in the system. Now, if any promoter fails to comply with or contravenes any order or direction issued by UP Rera, they will be liable to pay a penalty for each day of non-compliance," he added.
In total, UP RERA has received 57,626 consumer complaints and successfully resolved 50,025 of them — about 86.81% of the total. The top five districts in terms of consumer complaints are Gautam Buddha Nagar, Lucknow, Ghaziabad, Varanasi, and Meerut.
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