LUCKNOW: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has reported recovering Rs 128 crore from promoters who failed to complete their housing projects, depositing this sum into the bank accounts of approximately 376 homebuyers this calendar year.
With this, UP Rera has transferred a total of Rs 1,360 crore to around 5,500 homebuyers who had not received possession of their homes.
“We have issued over 12,900 recovery certificates (RCs) valued at Rs 3,900 crore, primarily in the National Capital Region (NCR). We guarantee every complainant (homebuyer) who has contacted Rera that justice will be served. They will either receive their dream home or a refund from the promoters,” stated UP RERA chairman Sanjay Bhoosreddy.
Additionally, UP Rera has facilitated settlements in about 8,500 complaints worth Rs 3,320 crore, which include refunds and possession of units, through conciliation forums established in Lucknow and Greater Noida. About 1,650 RCs valued at Rs 500 crore have been mutually settled between promoters and homebuyers.
“We have tightened regulations around promoters exploiting system loopholes. If any promoter fails to comply with or disregards any order from UP Rera, they will incur penalties for each day of non-compliance,” he added.
In total, UP RERA has received 57,626 consumer complaints and successfully resolved 50,025, reflecting an impressive resolution rate of approximately 86.81%. The top five districts with the highest consumer complaints are Gautam Buddha Nagar, Lucknow, Ghaziabad, Varanasi, and Meerut.
