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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.