UP-RERA may freeze accounts of 18 promoters who missed hearing, Real Estate News, ET Real Estate

Ghaziabad, UP-RERA has released a list of 18 promoters who have missed its hearing and warned that it will freeze their bank accounts and blacklist them.

At a review meeting of incomplete projects in the state, officials said many projects that have expired have not collected occupancy or completion certificates, nor have the promoters sought extension of the deadline.

“During the hearing, summons were issued to these promoters but many of them stayed away from back-to-back hearings. This calls for stern action. To begin with, a warning of sorts has been issued. regulator Following which their bank accounts will be frozen and then they will be backlisted, an official told TOI.

Rare It also has the right to stop the sale of units in the projects of defaulting promoters. Registration of new projects may also come to a standstill.
“The real estate promoters in the state will not be allowed to act arbitrarily. It is mandatory for all the promoters to follow the RERA rules, otherwise, there will be no delay in initiating action against them as per the authority’s rules,” UP RERA Chairman Rajiv Kumar Said.

Kumar said, RERA is continuously taking tough decisions against promoters who are insensitive to the interest of homebuyers. “The authority is fully committed to protect the interest of home buyers and is taking all possible steps to regulate the (real estate) sector as per the Act,” Kumar said.

Among the 18 convicted promoters, four each are from Lucknow and Varanasi, three each from Firozabad and Prayagraj and two each from Kanpur and Mathura. As of now, there is no promoter Noida And Ghaziabad – the real estate hub that accounts for most of the default cases in the state – are on the defaulter-absentee list.