UP real estate developers ask for 12 more months to complete their projects
Real estate developers have asked the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) to grant them an additional 12 months to complete projects and comply with various RERA orders following the second wave of Covid-19 cases.
The developers raised their grievances and made various demands during a webinar meeting on Friday, chaired by the President of UP-RERA and attended by all members of RERA, as well as members of the board of directors. NAREDCO-UP.
The purpose of the meeting was to ensure the proper execution of real estate projects and the delivery of units to beneficiaries.
NAREDCO-UP was represented by RK Arora, Chairman of the Supertech Group and Chairman of the organization, as well as Rakesh Yadav, Vice Chairman of NAREDCO and Chairman of the Antriksh Group, and other members.
“The developers have called for various relief measures to alleviate the hardship caused by Covid-19 and the prolonged government lockdown,” RK Arora said.
The developers demanded an additional 12 months for the completion of the project as well as compliance with various RERA orders, claiming that the 6 months allowed in the first wave of Covid-19 is insufficient in light of the severe liquidity crisis caused by the protracted pandemic.
The developers also requested that the recovery process for non-fulfillment of orders be delayed for one year, with no further refund orders being issued during this period.
The developers also urged RERA to work with the state government to revise the zero GO period dated December 5, 2019 and remove the clause that requires projects to be completed by December 20, 2021, in order to be eligible for period zero. advantage.
The Developers’ Association has also raised the issue of the RERA issuing incorrect repayment orders even though the apartments are ready to be occupied, demanding that these repayment orders be revoked and that plaintiffs be asked to take possession of them. .
In addition, R / Cs have been issued in some cases where clients have taken out loans from banks and NBFC, and the charge on these apartments is still active.
The issue of issuing R / C in subsidy cases where beneficiaries have already shown interest from developers was also raised. The developers urged RERA to reverse these erroneous commands.
The developers have asked RERA to issue strict instructions to failing banks, citing financial hardship caused by banks’ refusal to release funds held in 70% of Rera escrow accounts for construction purposes.
Rakesh Yadav urged RERA to invoke article 19 of the RERA law against recipients who failed to make payments and hold them accountable in the same way developers are. The UP-RERA president and members discussed and understood the situation, promising to investigate and do their utmost.
Read | Why real estate prices are not going down
Read | India slips 12 places to 55th in global house price movement: report