FCC

Skytech Colour Avenue allottee gets a refund

2023-10-13

The Uttar Pradesh Real Estate Regulatory Authority's (UP-RERA) conciliation forum has achieved a significant victory in ensuring the refund of invested funds and the repayment of a bank loan to an allottee, Mr. Ajay Kumar Gupta. Mr. Gupta had purchased a unit in the "Skytech Colour Avenue" project, which was being developed by Jatasya Promoters in Greater Noida West.

The allottee, who had anticipated possession by July 2019, found the project to be stalled, leading to a grievance regarding refund and the repayment of a bank loan. In response to this, he filed a formal complaint. Following mediation by the conciliation forum, a mutual agreement was reached between the parties.

According to this agreement, the promoter, Jatasya Promoters, has consented to pay a total of Rs. 17.50 lakh. This sum encompasses the refund due to the allottee and the repayment of the bank loan. Approximately Rs. 8.30 lakh will be disbursed to the bank to settle the home loan, while the remaining Rs. 9.20 lakh will be provided to the allottee.

The resolution achieved through UP-RERA's conciliation forum underscores the importance of regulatory authorities in safeguarding the rights and interests of homebuyers and ensuring the timely and equitable resolution of disputes in the real estate sector.