Synopsis
The decision has been taken in view to remove the constraints and facilitate the development of the stuck and slowed down real estate projects so that the allottees of such projects can get the delivery of their houses within reasonable period of time.
Uttar Pradesh Real Estate Regulatory Authority (RERA) has given another nine-month extension to the registration of the projects whose original registration or extended registration is ending on or before December 31, 2021 in the NCR region and six months in the non-NCR region.
The decision has been taken in view to remove the constraints and facilitate the development of the stuck and slowed down real estate projects so that the allottees of such projects can get the delivery of their houses within reasonable period of time.
However, this extension is subject to monitoring of such projects by the authority and will be granted subject to the certain conditions only.
The extension would be granted only on application of the promoter of such project accompanied with an affidavit that it could complete the project within this period of extended registration and also subject to the condition that the promoter submits a convincing financial plan, by way of project finance or from its own sources, to complete the project.
The authority, before deciding on any such request of the promoter, will get the physical progress of the project verified through its technical division in order to ascertain the veracity of the undertaking of the promoter in this regard.
In case, the promoter is not in a position to complete the project within the additional period of extended registration, it would be required to enter into an agreement or MOU with the Association of Allottees (AOA) and to approach the Authority for additional time to complete the project in accordance with the terms and conditions decided between the AOA and the promoter.
The Authority, on receipt of such joint request from the promoter and the AOA, will take an appropriate decision to authorize the promoter to complete the remaining work of the project as per the terms and conditions decided between them, subject to strict monitoring by the Authority.
“The authority feels that granting some additional time for completion of the projects whose extension is lapsing on or before 31st December 2021, will facilitate the completion of so many projects leading to delivery of houses to the to a large number of waiting home buyers,” said Rajesh Kumar Tyagi, Secretary, UP RERA.
