Every project where the development work is still not completed at the time of the commencement of the RERA Act, will be considered as an ongoing project whether or not the application for completion certificate is filed before a competent authority.
A decision by the authority is a fundamental step towards constraining the real estate agents from exploiting extra money from buyers and sellers. The brokerage being fixed will turn down the chances of overcharging ultimately protecting the interest of homebuyers.
The UPRERA allowed the homebuyer’s association of a project to take charge of the completion of four stuck projects. Discussions are still going on with the original builder Jaypee Associates to come on board as contractor.
The UP-RERA (greater Noida) has proposed to create a stress fund to complete such pending projects. The same shall be put before the board of Lucknow for deliberation and thereafter it shall be sent to the UP Government.
Tags Amendment under IBC, Tags bankruptcy, category of the financial creditors, execution of RERA orders
In UP RERA, a separate department has now been made to look into the matters where the execution of the order has not been done.
One of the first projects to be deregistered by UP-RERA and the subsequent proceedings will decide how well RERA will be in implementation.
The builders who have just simply vanished or are in jail or have eloped due to major bungling done by them, the judicial process of such projects becomes a little difficult.
The RERA Authority has asked the banks to issue necessary directions to all the officials of the Banks to strictly comply with the provisions.
The UPRERA Authority has issued the showcase notice to one of the renowned builders over the diversion of funds.
What if the project is stalled and builders do not have sufficient funds to complete the project. In such cases question arises that does RERA authorities have the power to take over the project?
The officials of the UPRERA Authority have decided not to encourage refund if the project is not stalled and have the potential of getting finished and delivered.
The officials feel that there is a need of having a few more powers which will enable the RERA Authority to issue certain directions.
The Builder is not mandatory but it is the sole responsibility of the builder to enable the formation of the association and the election of the association should be lawful and transparent.
The UPRERA asked the builders to get their sale agreements registered, which will be necessary for the home buyers to seek interest in case of a delay in granting possession by a developer.
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