Friday, April 19, 2024
HomeNewsReal EstateUP-RERA may freeze accounts of 18 promoters and blacklist them

UP-RERA may freeze accounts of 18 promoters and blacklist them

At a review meeting on incomplete projects in the state, officials said many projects that have past their scheduled completion date have not collected occupancy or completion certificates and neither have the promoters sought an extension of the deadline.

UP-Rera has released a list of 18 promoters who have missed its hearings and warned that it will freeze their bank accounts and blacklist them.

At a review meeting on incomplete projects in the state, officials said many projects that have past their scheduled completion date have not collected occupancy or completion certificates and neither have the promoters sought an extension of the deadline.

“During the course of hearings, summons were issued to these promoters but several of them stayed away from the back-to-back hearings. This calls for stern action. To start with, a warning of sorts has been issued by the regulatory authority which will be followed by freezing their bank accounts and then backlisting them,” an official told TOI.

Rera is also within its rights to stop the sale of units in the projects belonging to erring promoters. Registration of new projects may also be stalled.

“Real estate promoters will not be allowed to act arbitrarily in the state. It is mandatory for all promoters to comply with Rera rules, otherwise, there will be no delay in initiating action, as per the Authority’s rules, against them,” UP Rera chairperson Rajive Kumar said.

Rera, Kumar added, is continuously taking tough decisions against promoters who are insensitive to the interests of homebuyers. “The Authority is fully committed to protecting the interest of homebuyers and is taking all possible steps to regulate the (real estate) sector in accordance with the Act,” Kumar added.

Of 18 erring promoters, four each are from Lucknow and Varanasi, three each from Firozabad and Prayagraj, and two each from Kanpur and Mathura. So far, none of the promoters from Noida and Ghaziabad – the real estate hubs which account for a majority of default cases in the state – is on the defaulter-absentia list.

RELATED ARTICLES

Most Popular

Hot News