Noida: Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has rejected the application from Supertech to register two housing projects, quoting non-performance in previous efforts.
This is the first time the regulator has taken such a step and sets the precedent.
Both projects, phase phase phase 1A and golf phase 1b, are located in the Yamuna Expressway sector 22.
Both are in the launch stage.
According to Rera, the decision was taken after a meeting with the Chairman of Supertech RK Arora where he “failed to convince” regulators about the planned settlement for these projects.
Real companies based in Noida, which established their real estate business in 1988, have around 45 projects under their belts in Noida, Greater Noida, Ghaziabad and Gurgaon.
Of these, the company claims around 15 is still incomplete.
Rajesh Kumar Tyagi, Secretary, Up-Rera, told Toi, “This is the first time we do something like this because we recognize the performance of the previous builder and then weigh whether it must be launched and promoting a new project or not.
Builders must first complete the project There is before expanding and branching into new ones to ensure that the buyer does not lose their investment.
This will give an example to all developing builders without being able to manage existing jobs.
“Tyagi added,” The developer has failed to obey several up-ra orders other than the project What is incomplete.
Therefore, we decided to prevent further expansion.
Our main concern is to protect the right of buyers.
If they obey our orders substantially, we will give permission for their new project, others do not.
“Arora, Chair and Implementing Director Supertech and the President of the Naredco real estate body, Quoting the unavailability of funds and the current pandemic situation as a reason for the slowdown of construction activities and urging the government to come with a bailout plan for developers.
“We have a series of meetings with the authorities and requested that the government have to make some bailouts for the builders who are challenging two years of pandemics back to the back, which not only causes a large financial setback but also slows down,” Arora said.