UP-RERA nods nine-month extension for project registration
04 Aug 2021
2 Min Read
CW Team
In the NCR region, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant a nine-month extension to projects whose original or extended registration expires on or before 31st December 2021, and six months in the non-NCR region.
The decision was made to alleviate constraints and speed up the development of stalled real estate projects so that allottees can receive their homes in a reasonable amount of time.
The Authority will monitor such projects closely, and the extension will only be granted if certain conditions are met.
If a project's completion date is after 31st December 2021, the promoter will be required to expedite development work and finish the project within the existing registration period.
Such an extension would be granted only upon the promoter of the project applying with an affidavit that it could complete the project within the extended registration period, as well as on the condition that the promoter submits a convincing financial plan to complete the project, either through project finance or from its resources.
Before deciding on any such request from the promoter, the authority will have the physical progress of the project verified by its technical division to verify the promoter's undertaking in this regard.
If the promoter is unable to complete the project within the extended registration period, it will be required to enter into a Memorandum of Understanding (MoU) with the Association of Allottees (AOA) and apply to the authority for additional time to complete the project in accordance with the terms and conditions agreed upon by the AOA and the promoter.
The authority will make an appropriate decision to authorise the promoter to complete the project's remaining work after receiving such a joint request from the promoter and the AOA.
According to the authority, allowing more time for project completion will help to expedite the completion of many projects, resulting in the delivery of homes to a large number of eager home buyers.
Also read: Gujarat grants relief to buildings yet to obtain BU permission
Also read: Nagpur Improvement Trust extends deadline for ground rent payment
In the NCR region, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant a nine-month extension to projects whose original or extended registration expires on or before 31st December 2021, and six months in the non-NCR region.
The decision was made to alleviate constraints and speed up the development of stalled real estate projects so that allottees can receive their homes in a reasonable amount of time.
The Authority will monitor such projects closely, and the extension will only be granted if certain conditions are met.
If a project's completion date is after 31st December 2021, the promoter will be required to expedite development work and finish the project within the existing registration period.
Such an extension would be granted only upon the promoter of the project applying with an affidavit that it could complete the project within the extended registration period, as well as on the condition that the promoter submits a convincing financial plan to complete the project, either through project finance or from its resources.
Before deciding on any such request from the promoter, the authority will have the physical progress of the project verified by its technical division to verify the promoter's undertaking in this regard.
If the promoter is unable to complete the project within the extended registration period, it will be required to enter into a Memorandum of Understanding (MoU) with the Association of Allottees (AOA) and apply to the authority for additional time to complete the project in accordance with the terms and conditions agreed upon by the AOA and the promoter.
The authority will make an appropriate decision to authorise the promoter to complete the project's remaining work after receiving such a joint request from the promoter and the AOA.
According to the authority, allowing more time for project completion will help to expedite the completion of many projects, resulting in the delivery of homes to a large number of eager home buyers.
Image Source
Also read: Gujarat grants relief to buildings yet to obtain BU permission
Also read: Nagpur Improvement Trust extends deadline for ground rent payment
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
