Newsdetail

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

Priya Singh | 2023-12-06

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.

After Shubhkamna Tech Homes Buyers Association submitted a proposal for the takeover, the UP RERA asked it to take consent of 60% of the buyers so that this can be considered. A senior UP RERA official said RERA will appoint a financial consultant who will look at the financial viability of the takeover.
UP RERA has received 3,340 complaints about 722 projects in Uttar Pradesh, with 70% of projects being from Noida, Greater Noida and Ghaziabad. Most of the complaints are about delays and fraud by builders.
According to the real estate consultancy firm Prop Equity, more than 4.65 lakh units of housing projects across India are significantly behind their delivery deadlines. The situation in the National Capital Region (Gurgaon, Noida, Greater Noida, Ghaziabad, Faridabad) is even worse, where 1.80 lakh units valued at Rs 1.22 lakh crore are facing an uncertain future.Mumbai Metropolitan Region (MMR) is the second worst affected region in terms of delayed projects with around 1.05 lakh homebuyers waiting for possession

Post your Property for Free

List it on Ratnkunj.com and get genuine leads

Post Property FREE