Latest news with #UP-Rera
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.
Time of India
12-05-2025
- Business
- Time of India
Projects under Rera rehab clause but no relief 4 years on
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 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 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 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 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo 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 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 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.
Hindustan Times
12-05-2025
- Business
- Hindustan Times
UP RERA warns developers of up to 5% project cost penalty for handing over incomplete flats to homebuyers
Acting on complaints by homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has directed all developers to immediately stop handing over incomplete apartments or bare shell units to homebuyers and warned that this could attract penalties up to 5% of the real estate project's total cost. The order, issued on May 8, said that RERA clearly states that possession can only be offered after full completion of the apartment, all promised amenities are in place, and a registered sale or lease deed has been executed. The directive, issued under Section 37 of the Rera Act, 2016, aims to protect new buyers from being forced to accept bare-shell flats, a practice that UP-Rera has deemed both illegal and a serious violation of the law, a report published in the Hindustan Times said. Following complaints from homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has directed all developers to immediately cease handing over incomplete apartments, often referred to as 'canvas flats' or bare shell units. The authority warned that violating this directive could result in penalties of up to 5% of the total cost of the real estate project. The order, issued on May 8, emphasizes that possession can only be offered once the apartment is fully completed, all promised amenities are in place, and a registered sale or lease deed has been executed, as mandated by RERA. Issued under Section 37 of the RERA Act, 2016, the directive aims to safeguard new buyers from being pressured into accepting unfinished flats, a practice UP-Rera has declared both illegal and a significant violation of the law, according to a report by the Hindustan Times. 'The promoters found violating these rules can be fined up to 5% of the total project cost under Sections 38 and 61 of the Rera Act,' said Mahendra Verma, secretary, UPRera. 'It has come to the notice of the Regulatory Authority that some of the promoters, when executing the Agreement for Sale (BBA), are making the allottees to agree to the condition of accepting physical possession of canvas flats and are, in fact, handing over possession of canvas flats to such allottees. Any such act by the promoters is contrary to the provisions of the Act and the Rules and defeats the object of protection extended to the allottees through the RERA Act. Therefore, it has become necessary to issue appropriate directions with a view to ensure that the promoters strictly adhere to the provisions of the Act and the Rules in this behalf and the interest of the allottees are not compromised in any manner whatsoever,' the notice reads. Uttar Pradesh building bylaws state that a real estate developer must secure multiple no-objection certificates — including fire safety, dues clearance, and provisions for parks, lifts, pools, and other common services — before applying for an OC. Once all parameters are met, the Noida Authority inspects the site. Only after OC is granted can possession be legally handed over. Without an OC, giving possession is illegal, officials told the Hindustan Times. The authority said physical possession of an apartment can only be transferred after the builder obtains a completion or occupancy certificate from the competent authority. Further, developers must execute a legally registered agreement before demanding more than 10% of the property cost, officials added. The order defines 'ready-to-move-in' units as those where all internal works — flooring, plumbing, electrical connections, fire safety, doors, windows, and other finishes — are complete and in accordance with what is promised in the brochure and sanctioned plan. According to Rule 1.8(3) of the UP Agreement for Sale Rules, 2018, the price quoted must include land cost, construction charges, development fees, and committed amenities — any deviation is considered default. The UPRERA order said that all the promoters of the projects registered with the Authority shall execute the Agreement for Sale (BBA) with the allottees on the model format laid down under U.P. Real Estate (Regulation & Development) (Agreement for Sale/Lease) Rules, 2018 without altering any of the terms and conditions thereof, in any manner whatsoever. The promoters shall be responsible for obtaining the completion or occupancy certificate of the project, as the case may be, and ensure delivery of physical possession of ready-to-move-in apartments, complete with all specifications, amenities and facilities as provided under the sanctioned plan or/and prospectus and brochures. 'Violation of any of the provisions of the Rules 2018 shall be punishable under Section-38/61 of the Act 2016 with penalty which may extend up to 5 percent of the estimated cost of the project,' the order stated. 'The developers must deliver the apartments once they complete the facilities as per the promises made in the builder-buyer agreement, and also they must fulfil all legal formalities because it is related with safety too,' HT quoted Dinesh Gupta, secretary of the Confederation of the Real Estate Developers Association of India (Credai), as saying Homebuyers have welcomed the UPRera's directive but developers have raised concerns about increasing compliance demands, especially in projects where utility connections or final clearances cause delays.
