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The Real Estate Regulatory Authority of Uttar Pradesh (UP-RERA), through its conciliation forum, has ensured the allocation of two plots along with interest for the delay period to the allottee in the Royal Castle project, being developed by Suncity Hightech Infrastructure in Ghaziabad.
Under the new agreement, the developer has committed to paying approximately Rs. 22 lakhs as delay interest, incorporating it into the final demand. Following this, the allottee is required to settle the remaining demands before taking possession of the plots, which are expected to be completed within two years, along with the specified amenities.
Ram Kumar Bansal, who had booked two plots/units in the project in 2013 at a cost of Rs. 76 lakhs had paid almost Rs. 25 lakhs as per the sale agreement. Although possession was scheduled for September 2017, it was not granted.
Faced with a slow pace of development, delayed possession, and interest accrual during the delay period, Bansal filed two official complaints with UP-RERA. To ensure the enforcement of bench orders, the matters were subsequently transferred to the Conciliation Forum after mutual agreement.
Sanjay Bhoosreddy, Chairman of UP-RERA, explained, "During virtual hearings, we encounter situations where both parties wish to settle matters amicably. Therefore, we transfer such cases to the Conciliation Forum, where a Conciliator mediates for resolution."
The UP-RERA conciliation forum has successfully resolved over 1,300 matters, settling disputes related to properties worth Rs. 510 crore.
Previously, the authority had directed promoters of various projects in Lucknow, Agra, Mathura, Varanasi, and other districts to participate in online hearings for 21 complaints. These hearings are scheduled to take place between December 2023 and May 2024.
The complaints have been filed against projects by Aftek Developers, Manya Infra Buildwell, Agrani Homes, Vasundhara Lotus Infratech, Aashiyana Infrapromoters, SJP Global, Blue Horse Builders, Basera Housing, Lakshya RealInfra, Shine City Infra Projects, Shri Banke Bihari Builders, and Shri Om Infra Land.
In conclusion, the recent resolution of issues surrounding the Royal Castle project in Ghaziabad by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) highlights the effectiveness of its Conciliation Forum in addressing grievances within the real estate sector.
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