UP RERA to restart stalled projects

The decision of the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) to adopt projects that have been abandoned by builders mid way and whose completion date has expired,  may well prove to be a booster for the struggling real estate in the NCR cities of Uttar Pradesh.

As per the plan chalked out by UP- RERA, with the help of Greater Noida Industrial Development Authority (GNIDA) and other development authorities, it will draw a real estimate of the number of projects that have been left midway by the builders and which have run out of their completion dates.

According to estimates of UP- RERA, there are about 100 such stalled projects in NCR towns. The Authority will now find a way to adopt such projects, with a view to find out a resolution.

Says Pradeep Aggarwal, Chairman, Assocham National Council on Real Estate, Housing & Urban Affairs and Founder & Chairman , Signature Global, ” This is a good news for the real estate as a whole. Such a move by the UP RERA will go a long way in instilling confidence among property buyers struggling to get possession of their homes as well as prospective home buyers. This will in turn help faster revival of residential real estate in the NCR towns of Uttar Pradesh”.

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