The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) is planning to revive stalled housing projects of 10,000 units to protect the interests of homebuyers and lenders.
The authority has taken up cases of 17 housing projects, worth around Rs 2,000 crore, that are stuck for various factors, including siphoning of funds, loan defaults, bankruptcy of promoters, and financial impropriety.
UP RERA Chairman Sanjay Bhoosreddy said: “The regulator will meet all defaulting promoters, bankers, financial institutions, and agents to prepare a road map for the revival of projects.” Some of these projects belong to builders like Ansals and Supertech, he added.
Expressing concerns over the trend of real estate companies going bankrupt, Chief Minister Yogi Adityanath had last year asked the officials to draft a road map to control the situation.
The distressing trend started in the state with leading realtor Amrapali Group going bankrupt. The National Company Law Tribunal (NCLT) initiated insolvency proceedings against two big players -- Supertech and Logix City Developers.
Apart from Noida and Ghaziabad, Bhoosreddy said new housing projects were proposed in smaller towns, including Jhansi, Bareilly, Moradabad, Agra, Mathura, and Vrindavan. This indicated the growing organised real estate sector.
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Of the nearly 2,056 projects underway, more than 50 per cent were under development in the eight National Capital Region (NCR) districts of UP, especially Gautam Buddha Nagar, Ghaziabad, Meerut, and Hapur.
In the non-NCR districts, Lucknow accounted for 400 or 20 per cent of the total projects underway.
Since its inception, UP RERA has issued 8,575 recovery certificates of over Rs 3,000 crore against defaulting builders and developers. RERA was implemented pan India in May 2017.
“Till date, about 3,470 projects have been registered with the Authority. In 2023, nearly 125 new projects have been registered so far. Last year, 225 projects were registered,” he said.