UPRERA, i.e. the Uttar Pradesh Real Estate Regulatory Authority has planned to take over the stalled projects by the developers along with the projects whose deadline has already passed. The Regulatory authority expects that there can be 100 such abandoned projects in the State’s NCR cities like Ghaziabad, Noida and Greater Noida.
After a meeting with the officials of the Greater Noida Industrial Development Authority (GNIDA), the UPRERA officials announced to figure out the exact number of projects that are mid-stuck or left midway by the developers. The UPRERA officials also informed that the exact number of projects that have passed completion dates will also be figured out soon in order to draw a resolution.
Balwinder Kumar, UP-Rera member said that it is estimated that there are nearly 100 projects that are left midway by the developer who is untraceable. The completion date of some of these projects has passed also. Now, the authority is looking at ways to adopt all these in order to resolve them and the work on the same will commence soon.
However, the UPRERA also made an appeal to the developers for registering their projects with the real estate regulator at the earliest. The authority is likely to impose a fine of 10% of the project cost in case of non-registration.
Balwinder Kumar further said this clause in the National Capital Region is yet to be imposed, but under UPRERA there is a provision to impose a 10% fine for the non-registration of the project and thus we have begun the process of sending notices.
As per the officials of UPRERA, there are more than 4,800 NCR-based cases pending before the regulator and the Greater Noida office of UPRERA recently opened a third a bench to resolve the cases in quick successions