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Noida property? Troubled homebuyers set to be given this massive power for first time

Priya Singh | 2023-11-30

The Uttar Pradesh Real Estate Regulatory Authority (RERA) is set to allow the defrauded homebuyers to take over and complete a stuck project in Noida
The Uttar Pradesh Real Estate Regulatory Authority (RERA) is set to allow the defrauded homebuyers to take over and complete a stuck project in Noida. UP RERA took the decision after buyers of Shubhkamna Group’s project in Sector 137 ‘Tech Zone’ approached it, seeking handover of the project to them as one of the developers, Diwakar Sharma ,was behind bars and another partner, Piyush Tiwari, was on the run. The project is almost 80% complete
Shubhkamna buyers have approached us, and we will consider appointing a financial consultant if we get a formal proposal from them. We will ask to Noida Authority to advise if they can also join the takeover process,” Balvinder Kumar, member, UP RERA, told DNA Money. A legal expert said it could be a landmark decision and may have an impact across India where a number of projects are stuck and buyers are waiting for possession
Venket Rao, founder, Intygrat Legal and a RERA expert, told DNA Money, “I believe this is first-of-its-kind initiative under the RERA regime. This will transform the power of buyers and proves the merit of collective action. Section 8 of RERA does provide for takeover by the buyers’ association. Further, in the other matter where takeover of land is contemplated at least, the Authority may examine the possibility of resale, etc.”

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