Taking a serious view of project delays, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has deregistered Unnati Fortune Holdings’ Aranya phase 3, 4 and 5 under section 7 of the RERA act and is likely to deregister many more such delayed projects.
The Aranya project had been started in 2007 and is valued over `1,500 crore.“Deregistration order was served based upon the information collected, site inspections made, complaints registered in RERA and non-compliance of the provision of RERA Act. While the Authority had already given strict warnings almost three months ago, this decision was taken after we gave them ample amount of time to respond after repeated notices were issued to them. This step should be seen as a warning to others,” Rajive Kumar, chairman, UP-RERA said.
The watchdog also found that there have been many instances of financial irregularities, siphoning of funds and double allotment in the project.
“There are at least four more projects, including two mega projects. We will give them time for 15 days and, if they fail to respond, we will initiate similar action against them,” a RERA official told this publication. The authority is considering giving the first right of completion to buyers in the deregistered units. If not, they will look for other developers to complete them, officials said.
Earlier this year, the regulatory authority had deregistered six builders for failing to meet their commitments to buyers, including Primrose Infratech for Primrose Ryne project, PSA Impex for Sampada Livia, MSA Developer for Circuit Heights, Greenbay Infrastructure for Greenbay Golf Homes, Intellicity Business Park for Intellicity project and Mist Direct Sales for Festival City.