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UP-RERA yet to recover over Rs 500 crore from defaulting builders

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has so far issued about 2,000 recovery certificates of value worth over Rs 600 crore. About 15% of this has been realized and transferred to the home buyers till date.

Concerned District Magistrates have been requesting RERA to help them in the recovery of the dues by providing the details of the auctionable properties of these promoters.

UP-RERA has hence requested the development authorities across Uttar Pradesh under whose jurisdiction the projects or the properties of the promoters are located to make available the list of unsold inventories, the vacant land, and the unsold FAR in the projects, both ongoing and completed of these defaulting promoters.

The information received from the authorities and the promoters will be passed on to concerned collectors for the realization of the amount payable to the allottees through the auction of those properties.

UP-RERA has also issued directions to the 25 top defaulting promoters to make available unsold inventory in all of their projects (both ongoing and completed), area of the vacant land (unutilized land) in each of the projects, unused FAR in each of the projects, details of the re-sale of the complainant’s unit along with the date and value of the resale and the details of the assets and properties of the company, including the land/plots owned by the company on which a project is yet to be launched.


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