One-on-one meet with builders: UP-Rera plans to recover Rs 500 crore

NOIDA: UP-Rera’s Greater Noida bench will meet around 20 builders from Noida and Ghaziabad one-on-one basis to process recovery certificates and seek refunds for homebuyers this week.
The regulator will be issuing the certificates under Section 63 of the UP Rera Act 2016, which pertains to failure of compliance with its orders. If processed, they could amount to Rs 500 crore.

The bench will be meeting with the builders in small batches over four days, starting today (Tuesday).The builders have over-stepped former completion orders issued by the regulator and not been able to deliver on agreed timelines. The buyers have pressed for a refund on their investments.
UP Rera member Balvinder Kumar said the administration will facilitate the recovery of funds for which assets of the builders may get attached. According to Kumar, since December 2018 — when the Greater Noida bench started hearing cases — they have already made a recovery worth Rs 98 crore. According to his estimates, there are around 2,000 recovery notes that are currently being processed.
“We have called the builders for a meeting. Following a discussion, we will be asking the district administration to process the recovery. The funds will then be given back to the aggrieved buyers. While there is no exact computation of the amount awaiting recovery, we can say it can amount to around Rs 500 crore. We have already recovered Rs 98 crore from the builders since December 2018.
The respective administrations of Gautam Budh Nagar and Ghaziabad would be instructed to facilitate recovery, for which assets may be attached,” Kumar said.
According to the list created by UP-Rera, builders who have been lined up for meetings starting August 18 include Supertech, Logix, Mascot, Aura Buildwell, Mist Direct Sale on Tuesday (August 18); Uppal Chadda Group, Paramount Probuild, Jaiprakash Associates, Sare Saamag Realty, JKG Construction (August 19); Suncity Hi-tech, Parsvnath Developer, Krishna Estate, Concept Horizon, Wave Megacity Centre and Unibera Developers (August 20); Cosmos Infra Estate, Green Bay Infrastructure, Bulland group, KV Developers, Sikka Infrastructure and MR Proview (August 21).
“We are facilitating the completion of projects by giving builders specific timelines to comply with and now refund too will have to be processed for cases that have over-stepped timelines as agreed upon in previous orders,” Kumar added.