Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
UP-RERA is facing public backlash for its perceived sluggish resolution of disputes. A recent report to the Allahabad High Court revealed that UP-RERA has issued RCs totaling Rs 2,125 crore since 2017, but only Rs 504 crore has been recovered. Social media is awash with distressed homebuyers awaiting refunds, despite holding valid recovery certificates. UP-RERA Chairperson Rajive Kumar cited significant recent recoveries and an increased post-pandemic administrative effort. However, it remains to be seen if these measures can restore public confidence and expedite the recovery of the aggrieved parties' investments.
Public dissatisfaction is growing with the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) over perceived sluggishness in dispute resolution. As per a recent report presented to the Allahabad High Court, UP-RERA has issued 6,866 recovery certificates (RCs) totaling Rs 2,125 crore since its establishment in 2017, but only Rs 504 crore has been collected in 2,558 RCs. This includes Rs 101 crore in partial recoveries across 1,132 cases.
Advertisement
Victims of this inefficiency took to social media to voice their frustrations. On Twitter, one Shushant Goel shared his despair, hinting at extreme steps due to his inability to retrieve money from fraudulent builders, despite rulings from UP-RERA and the Allahabad High Court. Pankaj Tiwari, another disgruntled user, lamented over a 2018 recovery certificate from UP-RERA that has yet to be executed.
Scores of such testimonials are visible on UP-RERA's Twitter handle. Har Srivastava, a bereaved son fighting for his late father's refund, tweeted, "We have been battling for years to get our money back. Now, with no family income source and in desperate need of money, I plead for our case to be settled."
In its defense, UP-RERA revealed in the same court report that an additional Rs 184 crore was recovered through mutual settlements between homebuyers and builders/promoters, as per data up to March 31, 2023.
UP-RERA Chairperson Rajive Kumar, when questioned about the significant number of unresolved cases, cited recent progress. "Wave Megacity Centre recently submitted a cheque for Rs 101.36 crore against RCs issued by UP-RERA within the last 11 months. To date, our regulatory body has assisted in the recovery of Rs 800 crore in 3,350 cases, either through RCs or settlement between homebuyers and promoters," Kumar explained.
The chairperson also highlighted the efforts made post-pandemic, where district administrations have stepped up the pace of recovery. Regular reminders are sent each month to district administrations to hasten the recovery process. Additionally, many promoters are now settling their RCs to reduce their liabilities and complete promising projects, he added.
In conclusion, UP-RERA's performance has come under severe public scrutiny due to its seemingly slow pace in resolving disputes. While efforts are underway to enhance recoveries, it remains to be seen if these measures can regain public trust and facilitate the recovery of lost investments for the aggrieved homebuyers.
Advertisement
Facebook
Whatsapp
