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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made significant strides in providing relief to distressed homebuyers. Since its inception in 2017, the regulatory body has issued recovery certificates (RCs) amounting to a staggering Rs 3,105 crore in favour of 8,575 homebuyers, as confirmed by an official press statement released by Pramod Kumar Upadhyay, the secretary of UP-RERA. These RCs have been granted due to the failure of real estate developers to fulfil their promises of delivering homes to buyers, leaving many in distress and uncertainty.
However, despite the substantial RC issuance, only a fraction of this amount, approximately Rs 630.70 crore, has been recovered by the state's revenue department. This recovery has benefited 3,421 complainants. Furthermore, UP-RERA has managed to amicably settle recovery certificates worth Rs 338.17 crore in 1,185 cases involving disputes between promoters/developers and homebuyers.
In an effort to handle the influx of homebuyer complaints, UP-RERA introduced e-courts in February 2020. Since its launch, more than 27,100 victims have utilized the e-Court module to file complaints, with over 20,700 cases successfully resolved by the regulatory authority.
Looking ahead, UP-RERA is actively working on integrating Artificial Intelligence and Machine Learning technologies into its official website. This forward-thinking initiative aims to streamline the complaint filing and resolution process, ultimately reducing the time taken to issue judgments or orders. The anticipated completion date for this enhanced website version is by the end of this year.
Furthermore, UP-RERA proudly shares that it has registered over 3,470 real estate projects to date, with 125 new projects added in the current financial year up to August 2023. Out of the total registered projects, 2,056 were registered before May 1, 2017, and fall under the ongoing category. The remaining 1,414 projects are classified as new projects.
Notably, 52% of these projects, totalling 1,069, are situated in eight districts within the National Capital Region (NCR), including Gautam Budh Nagar, Ghaziabad, Meerut, and Hapur. The remaining 48% (987) of ongoing projects are spread across 67 non-NCR districts, with Lucknow housing 399 of these projects. All projects registered before May 1, 2017, are categorized as ongoing projects.
Among the 1,414 new projects, 37% (530) are located in the NCR, while the remaining 63% (884) are in non-NCR areas. Many of these new projects are emerging in cities like Jhansi, Bareilly, Moradabad, Agra, Mathura, and Vrindavan, providing opportunities for prospective homebuyers in various regions of Uttar Pradesh.
With the continued efforts of UP-RERA, the hope is to bring further relief and resolution to homebuyers across the state, ensuring that their dreams of homeownership are realized without undue delay or distress.
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