UP RERA grants a new nine-month extension to real estate projects
The decision was taken in order to remove the constraints and facilitate the development of blocked and slowed down real estate projects so that beneficiaries of such projects can obtain the delivery of their houses within a reasonable time.
However, this extension is subject to the control of these projects by the authority and will only be granted under certain conditions.
The extension would only be granted at the request of the promoter of such a project accompanied by an affidavit that he could complete the project within this extended registration deadline and also on the condition that the promoter submits a convincing financial plan, through project funding or from its own sources, to carry out the project.
The authority, before deciding on such a request from the promoter, will have the physical progress of the project checked through its technical division in order to ensure the veracity of the promoter’s commitment in this regard.
In the event that the promoter is unable to complete the project within the additional extended registration period, he would be required to enter into an agreement or memorandum of understanding with the Beneficiary Association (AOA) and contact the Authority for an additional period in order to carry out the project according to the terms decided between the AOA and the promoter.
The Authority, upon receipt of such a joint request from the promoter and the AOA, will take an appropriate decision to authorize the promoter to complete the remaining works of the project according to the terms and conditions decided between them, subject to control. strict by the Authority.
“The authority believes that granting additional time for the completion of projects whose extension expires no later than December 31, 2021 will facilitate the completion of so many projects leading to the delivery of houses to a large number pending home buyers, ”said Rajesh Kumar Tyagi, secretary, UP RERA.