UP resolution strategy prepared for NCR projects that are blocked

In order to help homeowners in the National Capital Region (NCR) who have been stranded after spending their hard-earned money in residential developments but are still chasing after various parties to obtain their dues, the Uttar Pradesh government is planning to go forward with a resolution plan.

On Tuesday, the Yogi Adityanath cabinet approved the resolution plan designed to unlock 4.12 lakh stressed units within stalled projects in the National Capital Region (NCR). Of these, 2.4 lakh units are estimated to be in Noida and Greater Noida. The plan was developed based on the recommendations of a committee led by former NITI Aayog CEO Amitabh Kant.

The plan’s guiding body, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA), has been entrusted with seeing that idle projects are finished and that the state government’s Special Window for Affordable and Mid-Income Housing fund is used to provide new funds for these projects.

The state administration was instructed to approach projects based on their status by the 14-member NITI Aayog committee. In order to document future transactions in a transparent way, the proposals include that all projects must register with RERA and have an escrow account. The requirements and fines have been relaxed, however.

Projects that are inhabited will be given precedence, and flat registration will need to start in the name of purchasers who have complied with their duties. According to the article, the register of apartments for purchasers will be handled independently and won’t be withheld due to a lack of payment from developers and promoters.

In accordance with the Revenue Recovery Act, the authorities have also been requested to adhere to the legal process in order to recoup payments from developers. Within the next 30 days, RERA is expected to create a list of projects that are mostly finished but not yet inhabited, on which possession may be granted after the fulfillment of necessary formalities and the issuance of completion certificates. Sanjay R. Bhoosreddy, the head of UPRERA, said that purchasers’ interests would always come first.