UP-RERA Orders On 200 Cases Next Week, Focus On Eight Builders

UP-RERA Orders On 200 Cases Next Week, Focus On Eight Builders

With prominent complaints filed by the investors against builders for the delay in flat submissions, the Greater Noida bench of RERA (Real Estate Regulation Act) is set to issue over 200 orders that states about tightening the hold on developers mentioned in the grievances. These orders are a part of 490 complaints that have been heard by the authority since September. Apart from this, around 4000 complaints are still pending to be heard that might not find a place in Supreme Court.

Putting the further light on the case, one set from the 200 orders are directed to guide builders for delivering the flats within a specific deadline. Beyond this, the builders have to pay double the interest rates till the flats are handed over completely to its prospective owners. On the other hand, the second set of orders are concerned with builders specifying dates for refunding the deposits of the investors, who have opted for a payback because of excessive delay in giving away ownership. To bring it to the limelight, the Greater Noida Bench of UP-RERA has considered complaints against eight builders.

In order to gear up the situation, there was a meeting held between Noida/ Greater Noida Authorities and the RERA Officials. The main intention of the meeting was to instruct developers in making quick decisions and come out with a believable delivery date of the flats. Ideally, the meeting was directed to mitigate the issue and processes to be applied in speeding up delivery. Apart from the RERA officials and Authority members, developers and their representatives were present in the discussion session.

Well, the Greater Noida bench of RERA has been hearing complaints against developers such as Supertech, 3Cs, Earth Infrastructure, and Paramount. Basically, the buyers have waited for quite a long time and wish to get compensation for the delayed timeline. The problem with the developers has been that they did not act as per the promises made and took advance from them. This is the reason that RERA officials had to tighten their grip over developers and issued orders in favor of the investors. The issue between investors and developers cropped to such an extent that they had to file a complaint. And the complaints led to the hearing at RERA authority. It is because of this reason that investors heaved a sigh of relief when the decision came in their favor. 

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