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UP-RERA's Refund Relief eludes many Noida homebuyers
2023-08-18
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has been issuing recovery certificates (RCs) to provide relief to distressed homebuyers. However, in Noida, which is UP's largest real estate market, only 5% of the RCs issued by the real estate ombudsman since 2018 have been recovered. These RCs are issued when aggrieved homebuyers approach RERA against developers defaulting on refunds. The responsibility of realising these RCs falls on district administrations. Data reveals that out of 2,352 RCs issued since 2018, worth Rs 875.6 crore, only 118 RCs, amounting to Rs 98.6 crore, have been realised. RERA officials mentioned that the execution of RCs has improved post-pandemic, with the Noida administration recovering another Rs 196 crore this year. However, many RCs remain unresolved due to mutual agreements between developers and buyers or pending cases in the National Company Law Tribunal (NCLT) and other courts.
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