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UP-Rera to acquire abandoned projects

The estimated number of deserted projects in the state’s NCR cities is more than 100. Keeping these numbers in mind Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has resolved to acquire the projects which have been abandoned by builders’ midway and whose completion date has expired.

On Thursday, officials of UP-Rera notified that they will soon identify an estimated number of projects which were either left in the midst or remaining have surpassed their completion date so as to draw their resolution.

There is a clause in UP-Rera Act which talks about the penalty to be imposed on the buyer if they have not registered their projects but the same has not been exercised so far in NCR. So, in order to avoid the fine UP-Rera pleaded to all developers to get their projects registered at the earliest with the real estate regulator.

According to the estimation of UP-Rera officials, there are around 300 projects that have avoided UP-Rera registrations and there are 4,580 NCR-based cases pending before the regulator.

 

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