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The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has taken a strong stand against forty-one developers who failed to attend a review meeting called by the authority. These developers may face a range of penalties, including the freezing of their bank accounts, withholding of purchase of unit sales, and a ban on new project registration. These measures will be taken against promoters who are consistently absent from review meetings and who ignore the orders of the authority.
Fifty-one promoters were called to attend the review meeting, but forty-one of them did not show up. This has led to the identification of those who will face strict action for their absence. According to the Secretary of UP RERA, Rajesh Kumar Tyagi, promoters who sell units after the project registration has lapsed will be charged with the sections of the RERA Act and may face imprisonment.
UP RERA is reviewing projects whose completion date has expired but whose promoters have not reported the completion of the projects or applied for an extension of the project. The RERA Act was formed for the development of the real estate sector, keeping in mind the interests of both promoters and buyers.
The projects that are being reviewed are located in various cities, including Lucknow, Varanasi, Mathura, Kanpur Nagar, Rampur, Firozabad, Agra, Barabanki, Moradabad, Raebareli, Bareilly, Gorakhpur, Aligarh, Agra, and Mirzapur. These cities are spread across the state of Uttar Pradesh and represent a broad range of real estate development projects.
UP RERA has taken a strong stand against those who are not meeting their obligations and is determined to ensure that developers comply with the law. The authority is working to ensure that the interests of all stakeholders, including promoters and buyers, are protected. This action sends a clear message to the real estate sector that UP RERA is committed to ensuring compliance with the law.
The freezing of bank accounts and the withholding of purchase of unit sales will have a significant impact on the developers who are facing these penalties. This action is designed to encourage promoters to attend review meetings and comply with the RERA Act. The ban on new project registration is also a significant penalty that will discourage promoters from ignoring the orders of the authority.
UP RERA is working hard to ensure that the real estate sector in Uttar Pradesh is transparent, accountable, and fair. The authority is committed to ensuring that promoters and buyers are protected, and that the real estate sector contributes to the development of the state. This action is an important step towards achieving these goals and will have a significant impact on the real estate sector in the state.
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