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Uttar Pradesh Real Estate Regulatory Authority (UP RERA) Chairman Rajive Kumar recently announced that recovery certificates worth a staggering Rs 1,200 crore have been successfully resolved across the state since 2018. This remarkable achievement has been made possible through a combination of recovery efforts and mutual consent between builders and homebuyers.
Chairman Kumar shared this significant accomplishment during the 125th meeting of UP RERA, which coincided with his last working day as the chairman of the authority. Having previously served as the chief secretary to the Uttar Pradesh government, Kumar assumed the role of UP RERA chairman in 2018.
According to an official statement, the recovery certificates amounting to Rs 1,200 crore have been successfully resolved by the administration through recovery and mutual consent. This outstanding figure represents the highest resolution rate among all RERA institutions across the country.
The impact of the COVID-19 pandemic on the real estate sector has been profound, and Chairman Kumar noted that recovery efforts witnessed a noticeable surge following the pandemic. In fact, the financial year 2022-23 alone contributed approximately 33% of the total recovery certificates resolved since 2018, with a value of Rs 394.26 crore.
Kumar also highlighted the success of the Conciliation Forum in resolving over 1,200 cases, resulting in the resolution of property disputes worth approximately Rs 485 crore. This accomplishment has played a significant role in creating a more harmonious environment for both builders and homebuyers.
Furthermore, Kumar revealed that almost 75% of the order execution requests received from consumers have been effectively addressed. In the financial year 2022-23, district administrations collected a sum of Rs 394.26 crore against the issued recovery certificates throughout the state. Subsequently, an amount of Rs 353.37 crore was transferred to the deserving homebuyers in accordance with the established procedure.
The state of Uttar Pradesh currently boasts around 3,400 group housing projects that are registered with UP RERA. Among these projects, Gautam Buddh Nagar takes the lead with 945 registered projects, followed by Lucknow with 702, Ghaziabad with 418, Agra with 184, Meerut with 148, Varanasi with 128, Kanpur with 124, and Prayagraj with 113, as stated in the official release.
During the 125th meeting of UP RERA, Chairman Kumar also took the opportunity to inaugurate a coffee-table book that chronicles the authority's journey since its establishment in 2018. The book showcases the notable achievements of UP RERA, highlighting its contributions to the real estate sector in the state.
Chairman Rajive Kumar's tenure as the head of UP RERA has witnessed significant strides in resolving recovery certificates and promoting amicable resolutions between builders and homebuyers. Under his leadership, UP RERA has solidified its position as a reliable and effective institution, ensuring justice and transparency in the real estate sector of Uttar Pradesh.
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