Page 5 - Up Rera News Today

For this, the promoter of the project, Elegant Infracon, has collaborated with Floral Realtech and presented a plan of project rehabilitation according to which the project will be completed in next 12 months to obtain Occupancy Certificate (OC).

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has given authorization to the developer of Elegant Infracon project in Greater Noida to complete the stalled project with the assistance of Floral Realtech. An audit by UP RERA revealed that completion of the project could raise Rs 120 crore, with Rs 65.93 crore from existing allottees and Rs 47.58 crore from selling unsold units. Floral Realtech will invest Rs 6.50 crore in the project.

The UP RERA noted that a real estate project named Megapolis/Sarvottam Megapolis in a hi-tech township named NEWOIDA is being advertised by a promoter Sarvottam World and being broadcast and publicized on all platforms of media - newspapers, radio, digital, etc, according to an official statement.

Uttar Pradesh RERA: This has been done to ensure uninterrupted correspondence with promoters, the UP Real Estate Regulatory Authority (RERA) said, noting that contact numbers of some promoters given at the time of project registration are found inaccessible.

Uttar Pradesh Real Estate Regulatory Authority said that the purpose of providing information about the project's bank accounts to RERA by the promoter is to keep the details of the amount being used in the construction of the project, its transactions and expenditure transparent.

This comes after real estate developers failed to fulfill their promise of delivering homes, as per an official press statement released on Wednesday by Pramod Kumar Upadhyay, the secretary of the Uttar Pradesh Real Estate Regulatory Authority.

Uttar Pradesh RERA: Bhoosreddy, who took over as the second chairman of the UP Real Estate Regulatory Authority (RERA) recently, also stressed on promoters the need to contribute towards building a strong and progressive real estate sector by keeping themselves under the ambit of the regulation.

How effective are Rera recovery certificates (RC), which are meant to bring relief to tormented homebuyers?

In Noida, the largest real estate market in UP and also one with most of its problems – mainly of delayed deliveries and incomplete projects – only 5% of RCs issued by the real estate ombudsman since 2018 have been recovered.

Dimple Verma was appointed the member, UP RERA. A three-member committee headed by the Chief Justice was constituted for the selection of the chairman and members of RERA.