UPRERA issues recovery notices against 5 builders

LUCKNOW: In a first major crackdown, the UP Real Estate Regulatory Authority (UPRERA) has issued recovery certificates against five builders for failing to comply with its orders on a complaint made by allottees.

The defaulters include four builders of Gautam Buddh Nagar and one of Ghaziabad from whom an amount of ₹1.16 crore needs to be realised. “Letters have been sent to district magistrates of Gautam Buddh Nagar and Ghaziabad to recover these dues as land revenues from these developers and deposit the money vide bank draft into UPRERA account,” said Abrar Ahmed, secretary of UPRERA.

According to sources, similar complaints of non-compliance of regulator’s orders have also been received from allottees in Lucknow against several prominent builders and recovery notices would be issued against them by next week.

RERA, the first-ever law of the country to clean up the real sector beset by problems of delayed projects, came into force on May 1, 2017. A property buyer, who invests his money in buying a home and does not get its possession on time can now send a notice to the builder, claiming the refund of the amounts paid along with interest and/or damages if possession is not delivered on time.

According to a UPRERA official, more than 1500 projects have been registered with the regulator so far majority of which are from National Capital Region (NCR).