The move will benefit more than 30,000 home buyers, a top official said. Unsold flats and nearby land will be used by the new promoter to generate money and complete the project, UP Rera chief Rajive Kumar said.
BY: Faizan Haidar
NEW DELHI: People who have bought flats in projects where the construction is stopped for more than a year in Noida, Greater Noida and Ghaziabad may soon get to see their projects being revived by a new developer.
Real Estate Regulatory Authority (Rera) of Uttar Pradesh has identified more than two dozen 'stuck projects' in the NCR towns of the state to deregister them and invite fresh tenders from developers to complete the construction.
The move will benefit more than 30,000 homebuyers, a top official said.
Unsold flats and nearby land will be used by the new promoter to generate money and complete the project, UP Rera chief Rajive Kumar said.
He said there is provision for this under Sections 7 and 8 of the Real Estate (Regulation and Development) Act, 2016. “Section 7 says if a project is stuck, then all the violation is brought to the notice of promoter,” he told ET.
“In case he is willing to take action to complete the project, we give him the opportunity and put a monitoring committee.”
In cases where original promoter is not in a position to complete the project, the Residents’ Welfare Association (RWA) is asked to come forward and if two third of them agrees, the authority starts the procedure to deregister the project under Section 8.
This provision was first exercised in May when Rera deregistered three phases of Unnati Fortune Holdings’ Aranya housing project in Noida.
HouseBrand Real Estate
We will negotiate the best Property and land deal in the market for you and support you throughout the process of Property and land acquisition. Our main objective is to get you the best Property and land in the region of your choice and that too in your budget only. Contact us for Best Deals and offers.
For Any Queries Contacts us
Phone- 9811135518
E-mail- housebrandrealestate@gmail.com
Web- housebrandrealestate.in
fb page- www.facebook.com/housebrandrealestates
Instagram- housebrandrealestate
BY: Faizan Haidar
NEW DELHI: People who have bought flats in projects where the construction is stopped for more than a year in Noida, Greater Noida and Ghaziabad may soon get to see their projects being revived by a new developer.
Real Estate Regulatory Authority (Rera) of Uttar Pradesh has identified more than two dozen 'stuck projects' in the NCR towns of the state to deregister them and invite fresh tenders from developers to complete the construction.
The move will benefit more than 30,000 homebuyers, a top official said.
Unsold flats and nearby land will be used by the new promoter to generate money and complete the project, UP Rera chief Rajive Kumar said.
He said there is provision for this under Sections 7 and 8 of the Real Estate (Regulation and Development) Act, 2016. “Section 7 says if a project is stuck, then all the violation is brought to the notice of promoter,” he told ET.
“In case he is willing to take action to complete the project, we give him the opportunity and put a monitoring committee.”
In cases where original promoter is not in a position to complete the project, the Residents’ Welfare Association (RWA) is asked to come forward and if two third of them agrees, the authority starts the procedure to deregister the project under Section 8.
This provision was first exercised in May when Rera deregistered three phases of Unnati Fortune Holdings’ Aranya housing project in Noida.
HouseBrand Real Estate
We will negotiate the best Property and land deal in the market for you and support you throughout the process of Property and land acquisition. Our main objective is to get you the best Property and land in the region of your choice and that too in your budget only. Contact us for Best Deals and offers.
For Any Queries Contacts us
Phone- 9811135518
E-mail- housebrandrealestate@gmail.com
Web- housebrandrealestate.in
fb page- www.facebook.com/housebrandrealestates
Instagram- housebrandrealestate
No comments:
Post a Comment