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UP RERA deregisters first ever real estate project – Project Aranya Phase 3,4 & 5

Unnati Fortune Holdings Ltd. Project Aranya Phase 3, 4 and 5 which is located in Noida has been deregistered by the authorities under Section 7 of the Real Estate Regulatory Authority (RERA) Act. This project was initiated n 2007 and the project values more than Rs 1,500 Crore.  The main reason behind the deregistration of the project was major financial regularities, diversion and siphoning of funds and the presence of double allotment cases.

Serving of notice for de-registration was based on the site inspections, complaints filed and non-adherence with the RERA provisions. The site was inspected by the inspection team of the authority where it was found that out of eight towers only four towers were in completion stage and rest were at the initial stage. Further, the construction of villas was not started. Other developers who had been served notices for failing their commitments are Primrose Infratech, PSA Impex, MSA Developer, Greenbay Infrastructure, Intellicity Business Park, Mist Direct Sales and Unnati Fortune Holdings Ltd.

Out of 13000 complaints which were filed with UP RERA, 7000 were disposed of. Amongst several options after deregistration of the project by the authority one option which was stated was that if buyers are in a position, they will be given a right to complete the project.

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