Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has resolved to adopt projects that have been abandoned by builders midway and whose completion date has expired. The regulatory body has estimated that there could be 100 such abandoned projects in the state’s NCR cities.
Following a meeting with officials of the Greater Noida Industrial Development Authority (GNIDA), the UP-Rera officials announced on Thursday it will draw a true estimate of the number of projects which have been left midway by builders and have exceeded their completion dates so as to draw a resolution.
“There are about 100 such abandoned projects where the builder has deserted a project midway and is untraceable. Many of these have also expired their completion dates. We will now find a way to adopt them and resolve their fates. Work on this will start soon,” UP-Rera member Balwinder Kumar said.
Moreover, UP-Rera has also appealed to all developers who have not come forward to get their projects registered with the real estate regulator to do so at the earliest, else a fine to the measure of 10% of the project cost will be imposed.
“So far, we have not exercised this clause in NCR, but there is provision in the UP-Rera Act to impose a 10% fine for not registering a project and we have now decided to start sending notices. By our estimates, there could be 300 projects that have dodged UP-Rera registration and would be sent notices,” Kumar added.
According to the UP-Rera officials, there are 4,850 NCR-based cases pending before the regulator. The Greater Noida office of UP-Rera has recently set up a third bench to accommodate cases faster.