UP RERA identifies 397 delayed projects in the NCR, summons promoters of 22 projects
The Uttar Pradesh Real estate regulation authority(UP-RERA) has summoned promoters of around 22 projects in some parts in Ghaziabad and Noida.The state regulations authority has identified around 397 cases in total as such in NCR. These identified projects are those were the guidelines of RERA was not being followed. The developers failed to handover the possessions of these properties to their clients. They failed to meet the deadline which was given to them. A show cause notice is issued to the promoters to present themselves in the office of the chairperson of the RERA. Where they will have to explain their action for non compliance and if their answers are not satisfactory they will be charged 5% of the total cost of the project as penalty.
The sources said the meeting will push for the handing over of possession of the properties to home buyers. The developers failed to comply with UP-RERA’s directive so far despite repeated reminders from the authority giving tough time to the rightful owners of the properties. According to the sources, of the builders identified, Ajnara Realtech may face penalty of over Rs 30 crore, Assotech of about Rs 15 crore, Earthcon Universal Infratech of Rs 33 crore (approx), Patel Advance JV of Rs 27 crore (approx), Logix City Developers of Rs 7 crore, Newtech Promoters and Developers of about Rs 12 crore, among others. These are the identified projects, the remaining promoters will be called later according to the non compliance of the court.
This move is going to benefit more than 30,000 customers who are willing to buy properties or home. The land which is unsold or is vacant can also be utilized by the new promoters.Although the previous promoters will be given opportunities to complete the project. There is a provision for it under section 7 and 8 of the Real Estate Act, 2016.