UP real estate regulator issued 8,800 recovery certificates worth about Rs 2,400 crore since 2018

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has issued nearly 8,800 recovery certificates (RCs), collectively amounting to around Rs 2,400 crore since 2018.

Out of this, RCs worth about Rs 1,200 crore have been resolved through recovery and settlement, the Authority data showed.

A recovery Certificate is a request letter from the RERA Authority addressed to the concerned district collector requesting to recover the specified amount from the defaulting builder as arrears of land revenue under the Revenue Code and to pay the amount to the entitled complainant allottee.

According to data provided by the UPRERA, as many as 2,500 RCs worth over Rs 800 crore were issued by the Authority in the financial year 2022-23 alone. In the financial year 2022-23, Rs 394.26 crore has been collected by the Gautam Budh Nagar district administration against RCs issued across the state and Rs 353.37 crore has been transferred to the allottees.

These statistics were released at the 125th meeting of UPRERA, held in Lucknow recently under the chairmanship of Authority’s Chairman Rajive Kumar. The meeting also marked Kumar’s last day as UPRERA Chairman.

“Overall recovery certificates worth about Rs 1,200 crore have been resolved by the administration through recovery and mutual consent and this is the highest among all RERA institutions (across the country). A quick jump has been noticed in the recovery of RCs after Covid-19 and FY 2022-23 has contributed approximately 33 percent (of the recovered amount) since 2018,” the Authority noted.

Gautam Budh Nagar leads the data also showed that as many as 3,400 projects have been registered with the real estate regulator across the state with Gautam Budh Nagar leading the chart. Gautam Budh Nagar district has a maximum of 945 projects registered with the UPRERA followed by Lucknow with 702 projects and Ghaziabad with 418.

Set up in May 2017, the UPRERA is tasked with protecting the interests of homebuyers, bringing in transparency and ensuring speedy resolution of disputes between homebuyers and developers.

The Authority said it has successfully disposed of 88 percent of the total around 49,000 complaints across the state. UPRERA alone has disposed of almost 43,000 complaints across the state. Approximately 1.07 lakh complaints have been received by RERA authorities in India since 2017, it stated.

Gautam Budh Nagar topped the list of top 10 districts in complaints disposal across the state with the redressal of 25,803 complaints. It was followed by Lucknow with the disposal of 8,504 complaints and Ghaziabad with the settlement of 5,750 complaints.

The Authority also said that properties worth about Rs 485 crore have been made dispute-free by resolving more than 1,200 cases through the conciliation forum since 2018.

Source: https://www.moneycontrol.com/news/business/real-estate/up-real-estate-regulator-issued-8800-recovery-certificates-worth-about-rs-2400-crore-since-2018-10885851.html