Many builders in Noida and Greater Noida get ready to offer the possession of units to buyers despite the pendency of the Occupation Certificate.
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.
UPRERA has deregistered a promoter/developer over financial irregularities, money laundering, double allotment of flats, diversion of funds and for many other reasons.
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?
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
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.
UPRERA Authority shorlisted 10 housing project in Noida and Greater Noida, which may be deregistered within this month for the reasons of delays and non-compliance of the orders passed by the Authority.
There are many uncompleted projects which are still lying abandoned or molding into structures at a very slow pace.
UP-RERA authority has issued show cause notices to 12 builders who have allegedly diverted funds worth 3000Cr to 4000Cr and have delayed completion of housing projects.
The Lucknow bench after hearing a series of complaints against Ansal’s in particular, it has ordered for the forensic audit of the builder, as the bench thinks the homebuyer is genuine hence it has put restrictions upon the activities of the Ansal.