New Delhi, April 23, 2019: Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has rejected 3 dozen realty projects in the state, including three residential projects of realtor Supertech in Greater Noida.
The UP real estate watchdog has rejected three residential Supertech Gold Country Phase III projects on the Yamuna Expressway, Gautam Buddha Nagar district beacause of reasons including incomplete promoter profile, invalid sanction letter or maps, non furnishing of land lease payment details and more.
In all, 36 residential and commercial projects have been rejected by UP RERA across the UP, including Greater Noida, Lucknow, Agra, Varanasi, Meerut, Saharanpur, Ghaziabad, Kanpur, Bareilly etc. Apart from Supertech, other developers whose projects have been rejected are Ascot Projects, Ratan Housing Development Limited, Hamilton Court, Paramount Propbuild, Meerut Development Authority, Sunworld City and Tulsiani Constructions & Developers. Thirteen realty projects have been rejected by UP RERA in Lucknow and 9 projects have been rejected in Gautam Buddha Nagar.
“The respective developers have been given three months time to apply afresh after rectifying their application and removing their defects. If they fail to comply with the norms, we will not allow these projects to continue with construction work,” UP RERA secretary Abrar Ahmed told Business Standard.
He further said that if the developer failed to comply with the three month notice period it would indicate a a strong possibility that the project was unlikely to take off or get completed.
Builders and developers seeking to register projects with RERA have to apply to the regulator in the respective states along with all the details pertaining to land, maps, approvals etc. The RERA will then scrutinise and vet these projects before giving its approval. Projects can also be rejected over defects of land or lease titles according to the reports published in business-standard.com.
Earlier this month, UP RERA had asked banks to comply with escrow account provisions, after taking cognisance that builders/promoters were not complying with the statutory provisions of the Real Estate (Regulation and Development) Act, 2016, and withdrawing funds without proper sanction, thus violating the provisions of the Act.
The regulator had sent letters to the zonal/state heads of all 42 scheduled public and private sector banks and also the Director General of Institutional Finance Directorate for being more vigilant of the operation of escrow accounts maintained by promoters/developers and the compliance of the relevant sections of the Act.