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Time of India
17-06-2025
- Business
- Time of India
₹128 crore returned to over 350 homebuyers this year: UP Rera
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo 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.
Time of India
12-05-2025
- Business
- Time of India
UP: Developers ordered not to hand over incomplete flats to buyers
Uttar Pradesh Real Estate Regulatory Authority ( UP Rera ) has warned builders and developers to not hand over incomplete flats or ' canvas flats ', to homebuyers. Violating this rule could attract hefty of penalties, reported TOI. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The notice was issued on May 8 in response to complaints from homebuyers, who alleged that developers are forcing them to take possession of bare-shell units, which are often devoid of proper flooring, electrical fittings, plumbing and kitchen furnishings, while signing the builder-buyer agreements (BBA). The notice says that such practices were a serious breach of the Real Estate (Regulation and Development) Act, 2016, which mandates that ready-to-move-in apartments can be handed to buyers after obtaining valid occupancy or completion certificates. "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 agree to the condition of accepting physical possession of canvas flats and are, in fact, handing over possession to such flats," the notice by Rera secretary Mahendra Verma said. he notice added that promoters can only give physical possession of the apartments after receiving OCs/CCs and executing sales deeds/lease deeds/sub-lease deeds. Live Events As per the complaints, developers are resorting to such malpractice to offload unsold and unfinished inventory, exposing homebuyers to potential delays, additional costs and legal complications. Penalties for these violations could go up to 5% of the real estate project's total cost, the notice read. Developers said on Saturday that Rera's notice would help make the industry more disciplined. "As per UP Rera's earlier directives, if a developer applies for four key NOCs — fire safety, structural stability, lifts and electricity — and does not receive a response from the competent authority within a month, it should be treated as a case of deemed occupancy or completion certificate (OC/CC). In such cases, developers should be allowed to offer possession. We fully agree that possession should not be offered merely to raise the final demand for payment. It must reflect a genuine intent to hand over a livable home to the buyer. Where deemed OC is applicable and all essential services and common amenities are in place, buyers should be allowed to take possession. This approach will protect homebuyers from undue harassment and the long wait for elusive OC/CC approvals," said Dinesh Gupta, secretary of CREDAI's western UP unit told TOI. Umesh Rathore, vice-president for sales and marketing for VVIP Group said, "UP Rera's latest directive is both timely and welcome. It will significantly boost homebuyer confidence and strengthen the credibility of the real estate sector. The Authority is setting a strong precedent. This move pushes the industry toward much-needed discipline and ensures better protection for genuine homebuyers." All three development authorities in the district, including, Noida, Greater Noida and Yamuna Expressway, have now made it mandatory to sign a bipartite agreement with the developer and pay stamp duty at the time of booking to prevent multiple sales of the same unit.
Time of India
12-05-2025
- Business
- Time of India
Uttar Pradesh RERA warns builders not to hand over incomplete flats to buyers
NOIDA : UP Rera has warned developers not to hand over incomplete, or 'canvas flats', to homebuyers, and violating this rule could attract large sums of penalties. The notice, issued on May 8, came in response to complaints from homebuyers, who allege that developers are forcing them to take possession of bare-shell units – which are often devoid of proper flooring, electrical fittings, plumbing and kitchen furnishings – while signing the builder-buyer agreements (BBA). Rera said in the notice that such practices were a serious breach of the Real Estate (Regulation and Development) Act, 2016, which mandates that ready-to-move-in apartments can be handed to buyers after obtaining valid occupancy or completion certificates. "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 agree to the condition of accepting physical possession of canvas flats and are, in fact, handing over possession to such flats," the notice by Rera secretary Mahendra Verma said. It added that promoters can only give physical possession of the apartments after receiving OCs/CCs and executing sales deeds/lease deeds/sub-lease deeds. According to the complaints, developers are using this technique to offload unsold and unfinished inventory, exposing homebuyers to potential delays, additional costs and legal complications. Penalties for these violations could go up to 5% of the real estate project's total cost, the notice read. Developers said on Saturday that Rera's notice would help make the industry more disciplined. "As per UP Rera's earlier directives, if a developer applies for four key NOCs — fire safety, structural stability, lifts and electricity — and does not receive a response from the competent authority within a month, it should be treated as a case of deemed occupancy or completion certificate (OC/CC). In such cases, developers should be allowed to offer possession. We fully agree that possession should not be offered merely to raise the final demand for payment. It must reflect a genuine intent to hand over a livable home to the buyer. Where deemed OC is applicable and all essential services and common amenities are in place, buyers should be allowed to take possession. This approach will protect homebuyers from undue harassment and the long wait for elusive OC/CC approvals," said Dinesh Gupta, secretary of CREDAI's western UP unit, said. Umesh Rathore, vice-president for sales and marketing for VVIP Group said, "UP Rera's latest directive is both timely and welcome. It will significantly boost homebuyer confidence and strengthen the credibility of the real estate sector. The Authority is setting a strong precedent. This move pushes the industry toward much-needed discipline and ensures better protection for genuine homebuyers." Separately, all three development authorities in the district – Noida, Greater Noida and Yamuna Expressway – have now made it mandatory to sign a bipartite agreement with the developer and pay stamp duty at the time of booking to prevent multiple sales of the same unit.
Time of India
11-05-2025
- Business
- Time of India
Don't hand over incomplete flats to buyers, realtors told
Noida: UP Rera has warned developers not to hand over incomplete, or ' ', to homebuyers, and violating this rule could attract large sums of notice, issued on May 8, came in response to complaints from homebuyers, who allege that developers are forcing them to take possession of bare-shell units – which are often devoid of proper flooring, electrical fittings, plumbing and kitchen furnishings – while signing the builder-buyer agreements (BBA).Rera said in the notice that such practices were a serious breach of the Real Estate (Regulation and Development) Act, 2016, which mandates that ready-to-move-in apartments can be handed to buyers after obtaining valid occupancy or completion certificates. Tired of too many ads? go ad free now "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 agree to the condition of accepting physical possession of canvas flats and are, in fact, handing over possession to such flats," the notice by Rera secretary Mahendra Verma added that promoters can only give physical possession of the apartments after receiving OCs/CCs and executing sales deeds/lease deeds/sub-lease deeds. According to the complaints, developers are using this technique to offload unsold and unfinished inventory, exposing homebuyers to potential delays, additional costs and legal complications. Penalties for these violations could go up to 5% of the real estate project's total cost, the notice read. Developers said on Saturday that Rera's notice would help make the industry more disciplined. "As per UP Rera's earlier directives, if a developer applies for four key NOCs — fire safety, structural stability, lifts and electricity — and does not receive a response from the competent authority within a month, it should be treated as a case of deemed occupancy or completion certificate (OC/CC). In such cases, developers should be allowed to offer possession. We fully agree that possession should not be offered merely to raise the final demand for payment. It must reflect a genuine intent to hand over a livable home to the buyer. Where deemed OC is applicable and all essential services and common amenities are in place, buyers should be allowed to take possession. This approach will protect homebuyers from undue harassment and the long wait for elusive OC/CC approvals," said Dinesh Gupta, secretary of CREDAI's western UP unit, Rathore, vice-president for sales and marketing for VVIP Group said, "UP Rera's latest directive is both timely and welcome. It will significantly boost homebuyer confidence and strengthen the credibility of the real estate sector. The Authority is setting a strong precedent. This move pushes the industry toward much-needed discipline and ensures better protection for genuine homebuyers."Separately, all three development authorities in the district – Noida, Greater Noida and Yamuna Expressway – have now made it mandatory to sign a bipartite agreement with the developer and pay stamp duty at the time of booking to prevent multiple sales of the same unit.
