Recently the homebuyers in Gautam Budh Nagar laid an 8-point proposal to suggest ideas for improving the UPRERA Act. This step is initiated as the UPRERA Act is approaching towards its first convention that is scheduled to take place on 4th November in Lucknow.
The homebuyers’ representative and a UPRERA member informed about the submission of suggestions to amend the Act. Firstly, the National Company Law Tribunal (NCLT) must not intervene in the property market. Secondly, the UPRERA authority should take active participation in the completion of stalled projects in the state. Another point is that UPRERA should have a team of experienced architects, chartered accountants, construction agencies along with a sufficient budget.
He was quoted saying that we aim to complete the construction of stalled projects and not penalizing the developers or cancel their registration numbers. The Suo motu action must be taken against misleading advertisements and deadlines should be framed for the redressal of complaints received by the authority.
Balwinder Kumar, a UPRERA member said that the focus should be on mobilizing a stress fund for the developers to get stalled projects back on the track along with easing the outstanding dues on them. There is a proposal for helping the homebuyers about the complaints.
Kumar also said that either buyers or the developers push projects towards resolution by filing cases with the NCLT as the process takes a huge time once the case is filed in the insolvency court. He further informed that this should be stopped along with the creation of stress funds and rebates for the developers.