The Authority will take over the unfinished projects of these builders and give the first right of completion to the buyers, officials said on Friday.
GREATER NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has for the first time decided to deregister six builders for failing to meet their commitments to buyers. The Authority will take over the unfinished projects of these builders and give the first right of completion to the buyers, officials said on Friday.
UP-Rera chairman Rajive Kumar told TOI that notices would be sent to Primrose Infratechfor Primrose Ryne project, PSA Impex for Sampada Livia, MSA Developer for Circuit Heights, Greenbay Infrastructure for Greenbay Golf Homes, Intellicity Business Park for Intellicity project and Mist Direct Sales for Festival City by March 5.
“If the buyers themselves are in a position to complete the projects by pulling their finances together, we will supervise that. If the buyers fail in that, we will hand over the projects to another agency and get the same completed,” Kumar said.
The UP-Rera chairman said they have also appealed to the Centre that even if disgruntled buyers approach the National Company Law tribunal, the suggestions of UP-Rera should be included if the project is registered with the real estate regulator.
“Since UP-Rera has been constituted to look into real estate issues specifically, ideally the opinion of UP-Rera should be factored in while hearing a case which is also with NCLT against a Rera registered builder. We should be included in a time-bound response process so that whatever assessment we conduct on a builder be included in the judgment before the appointment of an Interim Resolution Professional,” he said.
Kumar also said that a system of grading the builders of Uttar Pradesh will shortly be introduced to help buyers take buying decisions judiciously.
“A star system will categorise builders as per their calibre and records. This will bring some standards in the house buying system,” Kumar said.
According to UP-Rera officials, the Authority has till date registered 11,759 cases. The total pending cases before the tribual are 7,076, of which 70% are from Noida, Greater Noida, Ghaziabad areas. Total cases disposed by Greater Noida and Lucknow benches are 4,683.
UP Rera officers claimed to have audited 1,04,014 flats. They said by May 2019, 23,388 flats would be due for delivery. In total, 52, 938 flats would be due by the end of 2019.
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