Latest news with #UttarPradeshRealEstateRegulatoryAuthority
Time of India
5 days ago
- Business
- Time of India
‘UP RERA issued 5,700 RCs since 2017, recovered Rs 1,410 crore'
Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has recovered Rs 1,410 crore against 5,700 recovery certificates issued since it started functioning in 2017, according to chairman Sanjay Bhoosreddy. Additionally, around 1,650 recovery certificates were mutually settled between promoters and allottees. UP RERA also facilitated resolution in 8,500 cases involving refunds and possession, valued at Rs 3,320 crore, through execution proceedings and conciliation forums in Lucknow and Greater Noida. In total, claims worth Rs 5,180 crore from 15,850 allottee-complainants have been discharged—either through recovery, mutual settlement, enforcement proceedings, or conciliation. The authority continues to play a pivotal role in safeguarding homebuyers' interests and ensuring accountability in the real estate sector.
Time of India
5 days ago
- Business
- Time of India
UP RERA ensures recovery of Rs 1,410 crore for homebuyers
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA ) has ensured recovery of Rs 1410 crores in 5700 matters. According to the authority, Rs 861 crore in 3053 matters has been recovered between August, 2023 to 15th July, 2025. This is about 61% of the total amount recovered so far. The momentum of recoveries is continuously increasing as reflected from recovery of Rs 380 crore during 2023, Explore courses from Top Institutes in Please select course: Select a Course Category Technology Operations Management PGDM healthcare Design Thinking Data Analytics Finance Healthcare Management Project Management Leadership CXO MCA Public Policy Product Management Digital Marketing Others Artificial Intelligence Cybersecurity Data Science Data Science others Degree MBA Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details Rs 463 crore during 2024 and Rs 251 crore during year 2025 so far. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The recovery in corresponding period in the year 2024 was Rs 244 crore. In addition to the direct recoveries through the concerned District Magistrates, approximately 1650 recovery certificates have been settled mutually between the promoters and the allottees. U.P. RERA has also ensure settlement in another 8500 matters having estimated value of Rs 3320 crore involving both matters of refund and possession of houses during the execution proceedings or through its conciliation forums established at Lucknow and Greater Noida. Live Events In total, the claims of 15850 allottee-complainants amounting to Rs 5180 crore have been settled either through the recovery or through settlement between the promoters and the allottees or settlement between the parties during the enforcement proceedings before the RERA Benches or through conciliation before the Conciliation Forum. 'This increase in recoveries has been ensured through monthly reviews with the concerned District Magistrates and also by applying pressure upon the defaulting promoters,' said Sanjay Bhoosreddy, Chairman, U.P. RERA.
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.
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.
Hindustan Times
12-05-2025
- Business
- Hindustan Times
Noida: UP-Rera to crack down on handover of incomplete flats
The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has directed all developers to immediately stop handing over incomplete apartments to homebuyers, cracking down on errant builders, officials said. The order, issued on May 8, clearly reiterates the law 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, they added. 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. '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, UP-Rera. To be sure, Uttar Pradesh building bylaws states that a 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 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 said. 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 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,' said Dinesh Gupta, secretary of the Confederation of the Real Estate Developers Association of India (Credai). UPRera's directive has been welcomed by homebuyer groups, while developers have raised concerns about increasing compliance demands, especially in projects where utility connections or final clearances cause delays. 'Many developers citing the financial crisis have given possession to incomplete housing projects without obtaining a mandatory occupancy certificate. As a result, the flat buyer suffers as he is made to live without basic amenities in the society,' said Madhvi Singh, a homebuyer at Supertech Romano, Sector 118. In a related move, the Noida, Greater Noida, and Yamuna Expressway industrial development authorities have made it mandatory to pay stamp duty upfront at the time of booking in all new housing projects, further tightening procedural norms for developers.
