September 23, 2020

In NCR Real estate body to revive stalled projects

LUCKNOW: After restarting the stalled housing project in Noida, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) is now thinking to help resume operations of other stalled projects in the state.

The UPRERA has now decided to step in after the successful restart of the Jaypee Kalypso Court (Phase-II) project. This project has restarted construction work at the site after a long time of nine years. UPRERA facilitated conciliation between the promoter and the allottees on September 19.

As per the UPRERA sources, the NCR region has seen many projects slipping into a limbo making it pathetic for the buyers. The buyers end up making a huge investment for the houses of their own but the projects get delayed because the builders often fail to achieve the commitments made to homebuyers.

Rajiv Kumar, chairman says, UPRERA has been successful in resolving the dispute and restart a stalled project. “Jaypee Kalypso Court project of Jaiprakash Associates Limited has been the first such project that UPRERA had taken up for revival and now the promoter has commenced construction work on the project,” said Kumar.

Apart from the NCR, the regulatory authority is planning to extend this approach to various other districts as well. They will implement this in a state where projects are stalled either because of an impasse between the promoter and the homebuyers or the completion date, as declared by the promoter, has lapsed, including the one-year extension permissible under Section 6 of the RERA Act.

In Lucknow, several housing projects of private developers are paused for several years. Allottees of these projects in this state capital want RERA to intervene to restart these paused projects.

According to RERA officials, based on the audit done by consultant Currie & Brown, around 40 stalled projects in Gautam Buddha Nagar district can be resumed soon with the intervention and following conciliatory tactic between the promoter and the buyer. This approach is ideally best suitable for the projects where the promoter is keen to complete the project but could not do so because of the expiry of registration of the project with UPRERA or due to differences with allottees.

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