The Supertech group agreed to offer possession of flats to 14 buyers and will also bear their EMI or house rent costs till the completion of projects, the Uttar Pradesh RERA officials said.
In a recent development, a mutual agreement was reached in all the 14 cases between the buyers and builder Supertech that were up for hearing during the seventh Conciliation Forum of the NCR. This event was organized by the Uttar Pradesh Real Estate Regulation Authority (RERA), the officials said.
RD Paliwal, NCR conciliator, UP RERA, said both, the buyers and builder side, were brought to the table and their problems were discussed. All the cases taken up today were related to Supertech and were amicably settled.
He also said that in all the cases, the builder has agreed to hand over the possession of homes to the buyers by December 2019.
In all the cases, the builder has agreed to hand over the possession of homes to the buyers by December 2019. They have also agreed to bear the expenses for EMIs on home loans or the rent for accommodation, as may be the case, till the time and given an option to relocate the buyers concerned in any appropriate project of theirs for the time being, Paliwal said.
He further said that the developer agreed to pay the compensation amount to the home buyers in case of delay in possession that too according to the builder-buyer agreement.
Earlier to this, UPRERA plans to propose the creation of stress fund for the completion of stalled projects. This move will offer relief to a huge number of homebuyers.
The authority tabled the proposal in the board meeting that took place in Lucknow as they invited suggestions and discussion on the same that will be forwarded to the Uttar Pradesh state government.