With the mounting problem of investors leading to filing complaints against delayed possession of their residential properties, UPs bench of Real Estate Regulatory has asked development authorities of Ghaziabad, Noida and Yamuna Expressway to submit a list of delayed housing projects. This will bring to notice as to which projects have been extensively delayed and what is the possible reason behind it. The purpose of doing so is the fact that projects can be tracked easily for authenticated completion and delivery to the investors. Such a step has been taken because of the continuous complaints filed by house owners, who have waited for more than 10 years for the possession.
In this matter, a detailed meeting was held between UP-RERA chairman Rajiv Kumar, Yamuna Expressway Authority CEO Arunveer Singh, Ghaziabad Development Authority Vice-Chairman Ritu Maheshwari and Greater Noida Industrial Authority CEO Parthasarthi Sen Sharma. As stated in the meeting, Rajiv Kumar has set deadlines for the authorities to present the list of delayed housing projects for a faster track down. The step has been taken towards completing the projects speedily and delivering them to the prospective investors.
The UP RERA chairman, also, insisted on the fact that development is a part of their function and it has not just here to act as regulatory authority board. Along with regulating the delivery of pending projects, RERA is intended to pay attention to the overall development function of the said projects. He further stated that, on receiving the list of delayed projects, the authority will try their best and leave no stone unturned to ensure delivery of the projects to the investors at the earliest. This has managed to bring a sigh of relief for the investors, who have waited long for acquiring the ownership of their residential properties.
Currently, more than 80 percent of the complaints registered with RERA accounts for the delay of projects in Noida, Greater Noida and Ghaziabad. Indeed, the RERA authority officials said that they will not hear the complaints already filed with the Supreme Court. It is because their decision will not be effective as the orders of the top court will prevail only. This move has been welcomed by home buyers and investors feel that they will not have to roam around varied courts for the hearing of their plea anymore. It will, also, speed up the process of stalled projects and increase the chances of delivery to the investors.