The Real Estate Regulatory Act has become a tool to make things fall in place when it comes to the Indian property market and UPRERA is working on every possible approach to deal with difficulties faced by the homebuyers and owners particularly. In this blog post, you will know about all the initiatives introduced by UPRERA to resolve the property-related issues.
The Uttar Pradesh Real Estate Regulatory Authority i.e. UPRERA is one of the most active RERA bodies in India. The authority came into existence in 2017 and was operating from Lucknow the capital city of the state. Although after a few months on the request of homebuyers in Noida and Greater Noida region the UPRERA authority opened its first bench in Noida. The higher number of complaints pushed the authority to open its third bench in the region.
- Formation of Noida Bench
On 3rd April 2019, the Uttar Pradesh Real Estate Regulatory Authority opened its third bench in Noida. The authority has received more than 75 percent i.e above 12,500 complaints from this region till date and the UPRERA chairperson Rajive Kumar said that the huge number of complaints from Noida, Greater Noida and Yamuna Expressway pushed us to open benches in the region. Also, the multiple benches help in disposing-off the issues in the least possible time.
Presently, UPRERA dispose more than 5,000 complaints on a daily basis and the authority is hopeful that the third bench will close 150 cases on the day to day basis.
- Acquiring Stalled Projects
UPRERA took a huge step under Section 7 of the Real Estate Regulatory Act 2016 and deregistered seven projects in the region after the developers didn’t respond to the repeatedly sent notices by the authority.
The project located in Sector 119 and 142 in Noida, Sector 22D in Yamuna Expressway, sector Chi-V and Techzone –IV in Greater Noida were supposed to be delivered in 2013. After finding that the developers are in no state to complete projects, UPRERA decided to take the stalled ones in their hand in order to offer possession to the home buyers who are already facing delay to get their unit from a long time.
- Appointment of ATS Infrastructure as Property Management Consultant
The Uttar Pradesh Real Estate Authority appointed the reputed developer ATS Infrastructure as the property management consultant in case of one leading developer who failed to deliver a couple of projects in the said time.
Being the property management consultant the developer is bringing together the contractors, financial lenders and UPRERA one the same page to complete the construction of the mid-stuck project in order to offer possession of these projects.
The developer is working towards the completion and delivery of these projects in a phased manner from December 2019.
- Introduction of Star Rating System
UPRERA is all set to introduce rating system and under this, all the developers in the region will get ranked between five, four, three, two and one rating for the project depending upon the features promised and delivered.
This initiative is planned to be launched in order to aware the homebuyers about investing in the right project. The star rating system will make developers more accountable as the rating will play a deciding role in the region’s real estate market.