UP RERA survey of delayed projects for fast tracking construction

The recent survey by the UP RERA about residential projects in twin cities of Noida and Greater Noida, directing developers of long delayed projects to speed up construction is a positive step that will boost the confidence of home buyers.

The survey that was carried out on the basis of mandatory information (including project timelines) provided by developers at the time of registration, found that over 21000 Noida flats are delayed by 3-7
years, causing great hardship to home buyers. Accordingly, UP RERA has ordered developers of long delayed projects to speed up construction for faster delivery of apartments. And for that purpose, a tripartite meeting between errant developers, RERA officials and Noida/Greater Noida authorities was organized.

Says Pradeep Aggarwal, Chairman, Signature Global, ” This is a welcome move for the aggrieved home buyers of delayed/stalled projects and is meant to boost their confidence. In order to ensure that the construction of these projects is really put on fast track, the authorities should work out some financial mechanism for fund- starved projects”.

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