The Uttar Pradesh Real Estate Regulatory Authority (UPRERA), in order to address the issues of the homebuyers, has recently taken various actions like deregistering developers, including external entities for the completion of delayed projects, and more, which in most likelihood will revive the real estate landscape of Uttar Pradesh and especially Noida and Greater Noida.
The vision behind the formation of the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) was to look into the concerns of the unhappy home buyers and efficiently address them. From introducing transparency in the sector to accelerating the processes of the delayed projects, the regulatory body had generated massive anticipations among the real estate giants of the state. Staying true to its vision, the UPRERA, since its inception, is working towards the absolute convenience of the home buyer community and has taken severe actions against the builders not acting responsibly over the years. Below are some of the significant actions performed by the regulatory authority, which will reap lots of profits to the home buyers.
Introduction of an exclusive RERA bench for Noida, Greater Noida, and Yamuna Expressway
Considering the massive amount of complaints related to the real estate sectors coming from the Noida-Greater Noida territory, the regulatory authority established a separate RERA bench in Greater Noida on the 3rd April 2019 which is its third separate bench across the state. Out of 12,500 complains which has been received by the UPRERA till now, 75 % of them has come from the Noida-Greater Noida area. Talking about this initiative, Uttar Pradesh RERA chairperson, Rajiv Kumar said that the excessive amount of complains coming on the daily basis from these regions triggered the authority to establish a separate bench which in most certainty will accelerate the rate of the projects’ disposal and the addressal of complaints. Almost 5700 complains have already been taken care of by the regulatory authority till now.
Alongside this, UPRERA has also established a peacemaking channel where the issues between the home buyer and the builder would be resolved co-operatively by agreeing to a mutual solution.
Taking over the delayed projects
Despite getting warned continuously, six real estate developers based in Noida were unable to complete their ongoing projects across Gautam Buddh Nagar which further prompted the UPRERA to deregister them. The regulatory authority, in order to take care of the convenience of the resentful homebuyers, has decided to take over the further building processes of seven delayed real estate undertaking. Deregistration of those errant developers was carried out under section 7 of the Real Estate (Regulation Authority) Act, 2016.
The projects which were taken over by the UPRERA are located in sector 119 and 143 in Noida, sector Chi-Vand Techzone-IV in Greater Noida, and sector 22 D of Yamuna Expressway. These projects which were expected to be delivered by 2013 itself hasn’t seen much progression till now. The UPRERA were compelled to take the maters in their own hand after it was evident that the original builders were not capable enough to deliver the project anytime soon. A one of its kind step, the UPRERA, through this move, aims to provide relief to the aggrieved home buyers by assisting them to get possession of their apartments.
The regulatory authority designated ATS Infrastructure as Property Management Consultant (PMC)
UPRERA, on 10th April 2019, defined ATS Infrastructure as the Property Management Consultant for the Noida-based Logix Group who were unable to complete their ongoing projects even in a decade. According to this new development, ATS PMC will collaborate with the contractors, financial entities, and the Noida authority in order to complete these under-construction projects. It will help the Logix Group to properly sort out the construction of these projects and deliver them in phases starting from December 2019.
Introduction of the project rating system
The state regulator is all set to present a star-rating system with the objective of generating proper understanding among the home buyers about the quality of a certain project and the reliability of their developers. According to this system, the real estate projects would be classified into 1 to 5 stars which would be based upon the commitments made by the developers regarding the delivery and quality of the project. This exclusive system will assist home buyers in taking a calculated step whenever they are thinking to invest in any project.
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