Admn recovers homebuyers’ dues from errant realtor

LUCKNOW: Acting on the orders of the UP Real Estate Regulatory Authority (UPRERA), the district administration has finally started making erring developers pay back the money they owe to aggrieved home-buyers.

A team of administration officials formed by district magistrate Kaushal Raj Sharma on Thursday seized the bank account of one more such private realtor and recovered ₹50 lakh he owed to a home-buyer.

“This is the third recovery we have made from a private realtor on the orders of UPRERA,” said sub divisional magistrate, Abhinav Ranjan, who along with his team members Shambhu Saran, Shashi Tripathi and Naved Usmani recovered the home buyers’ dues from the realtors.

The swiftness with which the authorities acted on the complaint of Lalit Gupta, who had booked a plot and applied for refund after the developer failed to provide it, has sent alarm bells ringing for other defaulting developers. “We were keeping an eye on their bank accounts and initiated the attachment proceedings just when there was enough money to realize the dues,” said the official, adding that one of the developers promptly issued a demand draft of the required amount.

He said recovery certificates amounting to Rs 13 crore were issued by UPRERA against various developers, who had not complied with its orders. “But majority of them is against builders in Gautam Buddh Nagar and Ghaziabad and only two from Lucknow so far,” he said.

“I had paid Rs 25 lakh for a plot in a hi-tech township in 2012. All I got all these years was mere assurances from the developer. Forget the plot, I was apprehensive that I would not even get my deposit back,” said Rashid, who had booked the property in his wife Arshi Parveen’s name.

In May this year, UPRERA asked the developer to refund Rs 38.97 lakh with 8.35% interest on the deposit to the allottee. “Obviously, the value of the promised plot would have been much more than what I have got but nonetheless, I am feeling relieved to have got my money back finally,” said Rashid.

Likewise, Lalit Gupta, who had booked a property in another housing project, would get a refund of Rs 47 lakh.

The move has rekindled the hope of thousands of homebuyers, who have been similarly duped by realtors and have now approached UPRERA to secure their interest.