Rera to issue recovery notice to builders

In July, the Uttar Pradesh chief minister Yogi Adityanath had assured homebuyers that the government is seriously working to address their grievances.

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Rera

Rera, the District administration of Gautam Budh Nagar plans to recover over Rs. 300 crore from various builders, officials said Wednesday. The administration will hold a meeting with all the tehsildars on Saturday to speed up the procedure of recovering money from builders by issuing recovery notices so the money can be returned to flat owners. A recovery notice is issued after an individual or firm refuses to pay the default amount.

Munindra Nath Upadhayay, additional district magistrate, finance, said that they have received recovery certificates from the Rera to the tune of around Rs. 300 crore. In the next few months, it is expected to receive more recovery certificates from the Rera. The intention is to recover as much money as one can, so that flat buyers who have invested their hard-earned money and approached the court with hopes can be given some relief.

For the year 2018-2019, the finance department of the district administration recovered Rs. 103 crores, which included recovery from various stakeholders such as the excise, banks, stamp department, etc. apart from the builders. For the year 2019-2020, officials have already received recovery certificates from the Rera to recover around Rs. 300 crores from various builders.

Officials have recovered around Rs. 31 crores till now, of which Rs. 11 crores is to go to the Rera’s recovery amount.

Upadhayay said that the department has started the procedure already, but it is not an easy job, because builders don’t pay easily. Continuous actions have been taken against the defaulters but now the actions will be intensified since the main aim now lies in providing relief to buyers so that their faith in the judiciary remains intact.

In July, the Uttar Pradesh chief minister Yogi Adityanath had assured homebuyers that the government is seriously working to address their grievances. The CM had directed top officials of the three industrial authorities—the Noida, Greater Noida and Yamuna Expressway Industrial Development authorities—that they should ensure that the general public is assured that they are developing cities as per their needs.

The Rera started working in May 2016 in Uttar Pradesh to address homebuyers’ grievances.

Source: The Hindustan Times

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