LUCKNOW: The Uttar Pradesh government is set to proceed with a resolution plan to bring about relief to those homebuyers of National Capital Region (NCR) who have been stuck after investing their hard-earned money in the residential projects but still running from pillar to post to get their dues.
The Yogi Adityanath cabinet on Tuesday approved the resolution plan chalked out on the basis of the recommendations of a committee headed by former NITI Aayog CEO Amitabh Kant to unlock 4.12 lakh stressed units within stalled projects in the NCR, of which 2.4 lakh units are estimated to be in Noida and Greater Noida.
The UPRERA (Uttar Pradesh Real Estate Regulatory Authority), which will lead the plan, has been tasked with ensuring completion of dormant projects along with a fresh round of funding from the state government and that through Special Window for Affordable and Mid-Income Housing fund.
The 14-member committee of the NITI Aayog had urged the state government to have an approach for projects according to their status. As per the recommendations, RERA registration for all the projects, along with an escrow account, would be mandatory to record future transactions in a transparent manner. However, the pre-requisites and penalties have been waived off.
The projects, which are occupied would be accorded priority and registration of flats would have to be initiated in favour of homebuyers who have fulfilled their obligations. The report states that the registry of flats to buyers shall be treated separately and shall not be held back for the want of recovery from developers and promoters.
The authorities have also been asked to follow the legal procedure to recover dues from developers as per the Revenue Recovery Act. RERA has been directed to compile a list of substantially completed but unoccupied projects within the next 30 days where possession can be offered after clearing administrative hurdles and issuing completion certificates. UPRERA chief Sanjay R Bhoosreddy said interest of homebuyers will be kept paramount.