Buyers plan to approach NCLT if UPRERA fails to help

Homebuyers waiting for possession of their flats have decided to approach the National Company Law Tribunal (NCLT) against promoters in case the Uttar Pradesh (UP) Real Estate Regulatory Authority (RERA) was unable to resolve their issue.

Under the banner of UP Aggrieved Home Buyers Rights Association, homebuyers have decided to analyse all pending housing projects and subsequently take a decision whether to approach the NCLT or not.

Many housing projects across the state are pending and homebuyers are running from pillar to post for completion of the projects. The UP RERA is also hearing complaints against several promoters whose projects are pending.

“A large number of housing projects are pending. For the past several years homebuyers are making all efforts to get possession of flats. Many of them have also approached the UP RERA,” said Alok Singh, convenor, Uttar Pradesh Aggrieved Home Buyers Rights Association. “We are collecting details of all pending housing projects in which promoters have defaulted and have failed to handover possession of flats to homebuyers on time. Thereafter, we will find out how many of them are with the UP RERA,” added Singh.

“We will check if the UP RERA is unable to resolve the issue or address complaints of homebuyers then the NCLT will be approached as a last resort,” he said.

According to experts, NCLT is the last resort for homebuyers as it emphasises on liquidation and bankruptcy proceedings of the defaulter companies.

“The NCLT must only be approached when there is no possibility left for revival of the project,” said a UP RERA official.

In the recent past, the UP RERA has successfully revived two housing projects in Noida.

Construction work at the housing project, ‘Jaypee Greens Knight Court’, of Jaiprakash Associates Limited, which was stalled since 2014, restarted under the observation of the UP RERA in February this year.

Earlier, the UP RERA had instituted a co-operative model to complete the Kalypso Court Project of Jaypee Associates Ltd.