The Real Estate Regulatory Authority (Rera) of UP held a meeting with development authority officials of western UP in Noida on October 31 and directed them to conduct a health audit of all unfinished projects. This exercise will be different from financial audit, and the study will focus on finding the stages at which the projects are stalled and the reasons behind the same.
UP-Rera has also recommended a monitoring committee to revive the stalled projects.
Abrar Ahmed, Secretary of UP-Rera, said the meeting was called to create a synergy between all the stakeholders — government, industry, developers, allottees and authorities. “The first such meeting was held with officials of development authorities of eastern UP in Lucknow on October 24,” he said.
The meeting on October 31 was attended by the CEOs of Noida Authority, Greater Noida Authority, Yamuna Authority, representatives of Ghaziabad Development Authority, Meerut Development Authority and Agra Development Authority.
Ahmed said that the authorities were directed to conduct a health audit of projects and categorize them in three sections — doing well, not doing well and abandoned. The authorities have been directed to find out the reasons for delay in these projects. The monitoring committee will also share quarterly updates to UP-Rera about projects’ development.
Balwinder Kumar, UP-Rera member, said it was found that Noida Authority and Greater Noida Authority had conducted an audit of 51 and 49 unfinished projects. “There were some problems in the projects and the work had stopped. However, the authorities did not take any measure to revive or complete them. In the meeting, they were advised to take measures to revive the projects,” he said.
Kumar said that Rera had also suggested some measures to revive these stalled projects. “We have found that there are some vacant land at the project sites. Some developers were allotted land but they did not commence any development work on the spot. We have recommended authorities to reallot these land to other developers and complete the construction,” Kumar said.
“All the developers have been directed to register their projects with UP-Rera. Failing which, they will be fined up to 10% of the project cost,” he added.
Source-: Economic Times, Delhi/NCR