The Uttar Pradesh Actual Property Regulatory Authority (UP-Rera) on Friday ready a brand new street map to resolve ongoing problems with homebuyers who’re caught in no less than 200 delayed housing tasks in Noida and Higher Noida.
The authority has determined to type a particular cell, herald stringent regulation to curb fund diversion by realtors and perform digitisation of housing land within the state’s 13 massive cities, together with Noida and Higher Noida, thereby lowering the probabilities of consumers being cheated by builders.
These measures come after the Uttar Pradesh authorities and the brand new chairman of UP-Rera Sanjay Bhoosareddy realised that within the absence of robust legal guidelines, the realtors find yourself dishonest harmless homebuyers in the actual property sector, mentioned officers.
The UP-Rera mentioned because the formation of this physique in 2017, it has obtained 50,900 complaints of which 43,930 complaints have been disposed of efficiently. And the remaining complaints are being addressed by the authority, officers mentioned.
Practically half the complaints that had been resolved, or 52% of the 43,930 complaints, are from the Nationwide Capital Area, mentioned UP-Rera officers.
“The UP-Rera has to date been profitable in addressing the grievances of homebuyers however nonetheless we want reforms to ensure that the realtors don’t take homebuyers for a experience. After discussions with the state authorities, we’ve got determined to type a particular cell and recruit extra workers in order that we will deal with complaints with extra transparency and accountability. The particular cell is not going to solely monitor the progress of every grievance but additionally guarantee well timed justice to the aggrieved purchaser,” mentioned Bhoosareddy, who joined UP-Rera after the tenure of the sooner chairman Rajive Kumar ended on June 30 this yr.
The UP-Rera is introducing new functions in order that it will probably deal with every grievance in a timebound method and likewise execute follow-ups on-line in circumstances the place the realtor delays the execution of its order, mentioned officers.
“To include the fund diversion we’ve got devised a brand new methodology to regulate the fund assortment and spending in a realty challenge. To make that occur, we’ve got engaged banks on the state stage and requested them to keep in contact with us on every realty challenge in order that officers stay conscious of how funds are collected from consumers and spent by a realtor. In a brand new challenge, a realtor could have to open three financial institution accounts — one, to gather the funds from consumers, two, a ‘separate’ account, and three, an account for operational expenditures,” mentioned Bhoosareddy.
The authority mentioned on the time of opening of those accounts, the banks will take an recommendation letter from realtor that may empower the financial institution robotically to switch 70% of collected funds into the separate account and 30% into expenditure account. Earlier, the financial institution had no such energy with out the time to time consent from the realtor.
“Now, earlier than every transaction, the financial institution will inform the UP-Rera in regards to the sorts of spending a realtor needs to perform. Earlier, the realtor used to spend the funds collected at his will. We’ve got determined to devise this methodology in order that the funds collected is both spent on building or cost of land price or different required work on the challenge,” mentioned the chairman.
The UP authorities has discovered that there are various circumstances, whereby the realtors have grabbed extra land than they’ve bought for a housing challenge within the state, mentioned UP-Rera officers. Subsequently, they get the map authorised for the land that they’ve of their possession, together with the grabbed land.
“For instance, a realtor has purchased 100 acres from the federal government for a housing challenge. However he has obtained possession of 120 acres due to errors in calculation of the world or different causes. They find yourself constructing extra flats or develop extra space and likewise promote the identical to consumers. At a later stage, if the federal government our bodies come to know of those errors, then the consumers find yourself shedding cash if their unit is constructed on land that was not legally purchased by the realtor. To cease this, the federal government uploaded land information of 13 massive cities, together with Noida and Higher Noida, on-line in a digitisation marketing campaign to keep transparency. After digitisation, the federal government will approve the realty challenge’s constructing map solely on the allotted land. That is the largest change that may occur in new tasks,” mentioned Bhoosareddy.
The realtors and homebuyers have welcomed the brand new measures.
“The regulatory steps by UP-Rera will safeguard the rights of homebuyers. The transfer will speed up development on this sector that’s witnessing a troublesome time in Noida and Higher Noida,” mentioned Amit Kumar, govt director, Gardenia AIMS Builders Personal Restricted.
“If the UP-Rera or the federal government can be in a position to cease fund diversion, then the transfer will assist the sector and the consumers can be in a position to get supply in a timebound method,” mentioned Kapil Chauhan, a homebuyer.
