UP RERA Recovery Efforts: Rs 674 Crore Recovered in 17 Months
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has made significant strides in its recovery efforts, with a remarkable Rs 674 crore recovered from real estate promoters and developers in just 17 months. This accomplishment comes under the leadership of Sanjay Bhoosreddy, a 1989 batch IAS officer, who took charge as the chairman of UP RERA. Prior to his tenure, the authority had recovered only Rs 558.5 crore since its establishment in 2017.
In total, Rs 1,232 crore has been returned to over 5,100 homebuyers who were waiting for possession of their properties, reflecting the success of the UP RERA recovery efforts. The authority has issued 12,472 recovery certificates (RCs) worth Rs 3,778.69 crore, mostly in the National Capital Region (NCR), to ensure that developers fulfill their obligations to homebuyers.
Bhoosreddy attributes the success of these recovery efforts to a streamlined and systematic approach. He focused on fostering collaboration with district collectors, revenue officials, and developers, along with regular progress monitoring. By dividing the region into smaller districts and ensuring virtual meetings with relevant officials, UP RERA made significant progress in tracking and pushing forward recovery cases. One of the key strategies involved direct intervention, with teams from the development authority, SDM revenue, and banking officials personally visiting defaulters to encourage them to settle their dues.
Despite some developers attempting to evade accountability by changing company details, Bhoosreddy’s team used the corporate affairs portal to track down top company officials and take legal action. This proactive approach ensured that the UP RERA recovery efforts were effective in holding developers accountable.
In addition to UP RERA recovery efforts, the authority has also resolved around 8,500 consumer complaints worth Rs 3,311 crore. These resolutions include both refunds and possession of properties through conciliation forums established in Lucknow and Greater Noida. More than 1,500 complaints, valued at Rs 600 crore, were settled amicably through mutual agreements between developers and homebuyers.
UP RERA has handled a total of 56,130 consumer complaints, making up about 39% of the nationwide total. With an impressive 85.2% of these cases resolved, UP RERA has emerged as a leader in consumer protection within the real estate sector. The top districts for consumer complaints include Gautam Buddha Nagar, Lucknow, Ghaziabad, Varanasi, and Meerut.
The UP RERA recovery efforts demonstrate a commitment to safeguarding the interests of homebuyers and ensuring developers meet their obligations. This model of vigilance and active intervention could serve as a blueprint for other states to follow in enhancing real estate consumer protection.
Read more: New Policy to Simplify GPA Property Transfers in Noida
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