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Yogi holds out hope for homebuyers

| | Lucknow
Yogi holds out hope for homebuyers

There is some good news for thousands of homebuyers who have waited endlessly for delivery of their flats. The Uttar Pradesh Government has directed real estate companies and builders — including those of Noida and Greater Noida — to ensure that homebuyers get possession of 50,000 flats in the next three months.

If the real estate companies failed to meet the deadline, they would face tough punitive action as per provisions of Real Estate Regulatory Authority (RERA) and Indian Penal Code (IPC).

Chief Minister Yogi Adityanath on Tuesday held a meeting with promoters of real estate companies, Chief Executive Officers (CEOs) of Noida, Greater Noida, and Yamuna Expressway Development authorities to review progress made towards completion of flats.

Briefing mediapersons, Urban Development and Parliamentary Affairs Minister Suresh Khanna quoted the CM as saying that real estate companies must deliver 50,000 flats to homebuyers complete in all respect in the next three months come what may.

Khanna said the CEOs of the three authorities have been directed to appoint an expert agency for resolution of dispute by next month. He said that dispute resolution will take two months and the authorities will take follow-up action. He said the Chief Minister would himself review the situation after three months.

“All options to take action against real estate companies are open for the Government. So far 13 FIRs have been lodged against real estate developers and builders,’’ said the Minister.

Earlier on July 23, while addressing a conclave of Confederation of Real Estate Developers Association of India (CREDAI) in Lucknow, the Chief Minister had expressed disappointment over irregularities in the real estate sector.

He had said the rift between homebuyers and realtors was widening and to bridge the gap, the Government needed to take stern steps.

“Despite making full payments, homebuyers were being harassed and not getting timely possession of homes. This has resulted in loss of confidence among buyers. To bridge the gap amicably, the Government will have to take strong steps,” the CM had said.

Yogi had also said that gaining confidence of potential buyers was a big challenge for real estate industry and business could run profitable only if there was trust among the consumer and the builders.

The CM had urged the builders not to leave any project incomplete. He reminded that in Noida, there have been several cases where builders ran away with money and the burden fell fallen on the Government.

Hearing the petition of investors and homebuyers, the Supreme Court has already directed a major real estate company to deposit Rs 2,000 crore with the court by October 27. The court has also prohibited promoter and directors of the company from going abroad. 



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