Latest news with #UP-Rera
Time of India
7 days ago
- Business
- Time of India
17,000 wish town flats delayed, YEIDA serves notice to Suraksha realty
NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) has issued a notice to Suraksha Realty, which has taken over the responsibility of completing 17,000 flats in Jaypee Wish Town, demanding explanation for prolonged delays in resuming full-fledged construction. Tired of too many ads? go ad free now The notice - which outlines 14 critical issues - has sought a response from Suraksha within seven days. It was issued after homebuyers associated with JIL Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha Realty had failed to adhere to the resolution plan approved by the National Company Law Tribunal (NCLT) in March 2023 and upheld by the National Company Law Appellate Tribunal (NCLAT) in May 2024. Despite taking over the project more than a year ago, construction progress has been negligible, with many sites either stalled or advancing at a snail's pace, the buyers alleged. Buyers raised serious concerns about multiple breaches of the resolution plan. These included the failure to deploy the required 12,000 labourers - with only about 5,000 reportedly on site at the moment - and non-infusion of the promised Rs 3,000 crore within the stipulated 90 days. Additionally, the exit of key officials has left the management team unresponsive, they said. Other grievances included inadequate communication channels, legal intimidation of protesting homebuyers, and the non-compliance with UP-Rera timelines, with some projects pending for more than two years since approval. Suraksha Realty has also been accused of using a pending Supreme Court case with YEIDA as an excuse to delay payments for additional farmers' compensation, despite no such stay on the NCLAT's order. Tired of too many ads? go ad free now Allegations of deferred amenities, potential funds diversion following ED raids and failure to share structural audit reports have also fuelled dissatisfaction among buyers. JREAWS has called for the formation of a high-level monitoring committee to oversee the implementation of the resolution plan, urging YEIDA to ensure transparency through mandatory monthly meetings between buyer representatives, Authority officials, and the developer. They insisted that if these issues remained unaddressed, the situation could escalate into a broader social and legal crisis, affecting not only buyers in Wish Town but also around 2,000 others in projects near the Yamuna Expressway in Mirzapur and Agra. Ashish Mohan Gupta, the JREAWS president, explained the gravity of the situation. "We welcome YEIDA's intervention, but time is running out. Suraksha Realty must stop hiding behind excuses and start delivering homes now. Every day of inaction deepens the injustice to homebuyers," he added. In April, Suraksha Realty outlined a construction schedule for JIL's pending projects, with completion dates stretching from June 2026 to Dec 2028. The company claimed commitment to court-mandated deadlines, despite setbacks due to delays in tower crane installation and GRAP restrictions. Suraksha asserted that the project has seen some progress, including 1,149 property registrations and occupancy certificates for 22 towers.
Time of India
10-06-2025
- Business
- Time of India
Govt tries to auction flats to recover dues, gets no takers
Noida: Four flats of Newtech Promoters and Developers up on auction to recover dues failed to attract any buyers. The auction was conducted last week by Sadar tehsil as part of recovery proceedings after the builder defaulted on payments worth Rs 5.7 crore. The flats were part of the La Galaxia project in Greater Noida. Despite prior announcements and notices, officials said no one turned up to bid for the flats on June 4, leading to the cancellation of the auction. "The builder was served repeated notices but failed to deposit the dues. As part of the recovery process, four unsold flats were confiscated and put up for auction. The administration advertised about the auction but there was no response," said Charul Yadav, sub-divisional magistrate, Sadar tehsil. As per UP-Rera officials, a recovery certificate (RC) was issued to the developer in 2020. Since then, the builder failed to pay dues, following which the decision was taken to seize the four flats and auction the property. Officials said that the auction process will be initiated again soon, and efforts will continue to ensure recovery. "We will have to scheduleanother auction of the property again," Yadav told TOI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm Undo In May, the district administration had sealed the offices of 12 developers in Dadri for failing to clear more than Rs 175 crore in dues to the real estate regulator. Recovery certificates are issued by UP RERA if a developer fails to comply with an order passed by the regulatory authority — usually to refund buyers, pay penalties, or fulfil obligations like handing over possession. Once an RC is issued, it enables the district administration to recover the amount as arrears of land revenue, much like a tax recovery process.
Time of India
15-05-2025
- Business
- Time of India
Noida: Recovery notices ignored, offices of 12 builders sealed over ₹175 crore dues
NOIDA : Over the last 12 days, the district administration has sealed the offices of 12 developers in Dadri for failing to clear more than Rs 175 crore in dues to the real estate regulator. Antariksh Engineers , Elegant Infracon , Ansal Hitech , Rudra Buildwell and Uttam Steels , among others, were issued multiple recovery notices but had not responded, officials said. Recovery certificates (RC) are issued by UP-Rera if a developer fails to comply with an order passed by the regulatory authority — usually to refund buyers, pay penalties, or fulfil obligations like handing over possession. Once an RC is issued, it enables the district administration to recover the amount as arrears of land revenue, much like a tax recovery process. SDM (Dadri) Anuj Nehra, who is currently supervising the enforcement action, said offices of Antariksh Engineers and Elegant Infracon, were sealed on Tuesday for dues amounting to around Rs 4 crore and Rs 15 crore, respectively. Uttam Steels and Associates is among the top defaulters with dues amounting to Rs 57 crore. Other builders facing action include Ansal Hitech Township, which defaulted on Rs 26 crore, Rudra Buildwell Project, which owes Rs 32 crore, Rudra Buildwell Homes with Rs 38-crore dues and DSD Homes around Rs 3 crore. Shubh Advisors, another defaulter, owes Rs 1 crore, Hebe Infrastructure Rs 57 lakh, Dhanya Promoters Rs 25 lakh, Aastha Infracity Rs 3.6 lakh and Ansal Landmark Township with Rs 1.7 lakh dues. The administration has warned of more such sealing drives if the dues are not cleared immediately. Dadri tehsil, officials said, alone has more than 100 such projects where builders owe over Rs 500 crore cumulatively. Data shared by UP-Rera shows that over 2,700 RCs are currently pending, and recovery efforts have so far yielded limited results. A major hurdle in the recovery process has been the lack of cooperation from builders whose offices are based in Delhi. UP RERA issued over 330 RCs related to such projects, but the recovery rate in Delhi has been abysmally low. Officials have blamed jurisdictional complications and poor coordination between the state authorities for the delay.
Time of India
14-05-2025
- Business
- Time of India
Recovery notices ignored, UP seals offices of 12 builders over Rs 175cr dues
Noida: Over the last 12 days, the district administration has sealed the offices of 12 developers in Dadri for failing to clear more than Rs 175 crore in dues to the real estate Engineers, Elegant Infracon, Ansal Hitech, Rudra Buildwell and Uttam Steels, among others, were issued multiple recovery notices but had not responded, officials certificates (RC) are issued by UP-Rera if a developer fails to comply with an order passed by the regulatory authority — usually to refund buyers, pay penalties, or fulfil obligations like handing over possession. Once an RC is issued, it enables the district administration to recover the amount as arrears of land revenue, much like a tax recovery (Dadri) Anuj Nehra, who is currently supervising the enforcement action, said offices of Antariksh Engineers and Elegant Infracon, were sealed on Tuesday for dues amounting to around Rs 4 crore and Rs 15 crore, Steels and Associates is among the top defaulters with dues amounting to Rs 57 crore. Other builders facing action include Ansal Hitech Township, which defaulted on Rs 26 crore, Rudra Buildwell Project, which owes Rs 32 crore, Rudra Buildwell Homes with Rs 38-crore dues and DSD Homes around Rs 3 Advisors, another defaulter, owes Rs 1 crore, Hebe Infrastructure Rs 57 lakh, Dhanya Promoters Rs 25 lakh, Aastha Infracity Rs 3.6 lakh and Ansal Landmark Township with Rs 1.7 lakh administration has warned of more such sealing drives if the dues are not cleared immediately. Dadri tehsil, officials said, alone has more than 100 such projects where builders owe over Rs 500 crore shared by UP-Rera shows that over 2,700 RCs are currently pending, and recovery efforts have so far yielded limited results.A major hurdle in the recovery process has been the lack of cooperation from builders whose offices are based in Delhi. UP RERA issued over 330 RCs related to such projects, but the recovery rate in Delhi has been abysmally low. Officials have blamed jurisdictional complications and poor coordination between the state authorities for the delay.
Time of India
13-05-2025
- Business
- Time of India
Ghaziabad: Over 2,400 flats under RERA rehabilitation clause yet to be completed
GHAZIABAD : In 2022, when nearly 270 buyers of Jaypee Greens Kalypso Court became the first in the country to take over the stuck project and see through its completion under UP-Rera's rehabilitation clause, nearly 2,400 flat owners, whose investment were stuck in six stalled projects in Ghaziabad had hoped for reprieve from the real estate regulator too. But over the years, none of the 2,491 flats in Antriksh Sanskriti , La Casa Ansal Aquapolis , Utopia Estate , ASG Apple 7 and Spring View Heights along national highway 9 and Vasundhara Grand in Atal Chowk have been handed over. The projects were brought under the Rera Act in 2021. Ashish Kumar, who is waiting for his flat in Antriksh Sanskriti for a decade, said, "None of the flats in our society has been delivered in all these years forcing us to pay home loan EMIs and rents." The developer began construction of the project in 2015 and was to complete it by July 2022. Under Section 8 of UP Rera Act, a project whose registrations is revoked—if a promoter has violated the terms and conditions of the registration or committed irregularities—can be brought under the rehabilitation clause, if the builder and at least 50% of the homebuyers approach the real estate regulator with a rehabilitation plan. Once it is brought in, the authority constitutes project advisory and monitoring committees to oversee the development work. Though taking away a stuck project from the developer and handing it over to others for completion seems to be a quick fix but the success of the model has been tepid. Real estate and legal experts told TOI that for the model to be successful, it is important for homebuyers to be united in the cause of completing the project. In case of Kalypso Court, homebuyers' association, the builder and UP-Rera were on the same page, they said. "But in most of the six other stalled projects, there were differences between the two parties. In such cases, the Act alone cannot come to the rescue, which explains the delay," real estate lawyer Rajiv Ranjan Raj said. An official from UP Rera said paucity of funds was also among the major impediments delaying the completion of the projects. "In many cases, developers, who take up projects under the Act, don't find it lucrative or economically viable as the cost of completing the construction cannot be recovered from the sale of unsold units. In some cases, homebuyers have not cleared their dues," the official said. According to Rera data, 985 in Antriksh Sanskriti, 660 in Spring View Heights, 320 in Vasundhara Grand, 192 units in La Casa Ansal Aquapolis, 184 in Utopia Estate and 150 in Apple 7 are to be completed under Rera guidance.
