The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has ordered development authorities in the state to furnish property details of all defaulting developers in their jurisdictions within fifteen days. These will be passed onto the concerned District Magistrates who can then auction the properties to recover homebuyers’ money from defaulting builders against whom recovery certificates have been issued, officials said.
In a virtual meeting held with the chief executive officers & vice-chairpersons of fifteen development authorities on Friday, UP-Rera chairman Rajive Kumar asked the authorities to provide a list of all unsold inventories, vacant land, among others details of both completed and under-construction projects of the defaulters.
According to Rera chairman Rajive Kumar, the authority has till date issued nearly 2,000 recovery certificates, & the total amount to be recovered from defaulters is around Rs 600 crore. About 15% of the amount against these recovery certificates has been realised & transferred to homebuyers, he added. A recovery certificate is issued after an individual or firm refuses to pay the default amount as ordered by either a court or a quasi-judicial body. The recovery amount is collected the district administration.
UP-Rera has also identified 25 top defaulters in the state & asked them to provide these details by Aug 17.
On Saturday, Kumar said that “Rera has requested the development authorities under whose jurisdiction the projects or the properties of the defaulting promoters are located to make available the list of unsold inventories, vacant land, unsold FAR (floor area ratio) in all projects of these defaulting promoters".
“The concerned collectors/district magistrates have been requesting us (Rera) to help them in the recovery of the dues by providing them details of the defaulters’ properties that can be auctioned. Paying heed to their request, Rera has proceeded to take further measures in this regard,” Kumar added.
Officials from development authorities including that of Noida, Greater Noida, Yamuna expressway, Lucknow, Ghaziabad, Meerut, Moradabad, Agra, Bareilly, Kanpur, Varanasi, Prayagraj, Gorakhpur, Jhansi & Hapur were present in Friday’s meeting.
Abrar Ahmed, secretary, UP-Rera said, “The chairman has directed the concerned authorities to provide the required information to Rera within 15 days. The information received will be passed on to concerned district magistrates for the realisation of the amount payable to the allottees through the auction of those properties".
The Gautam Budh Nagar magistrate said the district administration will take necessary action against defaulters as per the law. “ I am waiting for the orders from the higher authorities. If we are asked to auction the properties, then such orders will be duly carried out,” said district’s collector & district magistrate Suhas LY.
The authority has also scrutinised projects whose date of completion have lapsed & concerned promoters have neither uploaded the completion certificate or the occupancy certificate of the projects on Rera’s website nor have requested an extension of the registration of the project.
These projects include those owned by both the Govt authorities & private promoters. The authority has sent the names of the promoters & their projects to the concerned development authorities/industrial development authorities & asked them to give details on their current status so that further action can be initiated by Rera.
UP-Rera has also prepared a list of top 10 defaulting promoters on the basis of their non-compliance with the authority’s orders. A total 3,850 orders, including 1,448 refund orders & 2,402 possession orders, & 667 recovery certificates have been issued against these promoters, said the authority.
Kumar said that “We have also issued directions to the 25 top defaulting promoters, including these 10 promoters, to make available all information available to us by Aug 17, 2020".
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