Nivas Promoters Settles RCs With Its 7 RERA Complainants By Mutual Consent

Nivas Promoters has resolved the dispute regarding the recovery certificates (RCs) issued by U.P. RERA, by paying the amount to its 7 allottees. As per the mutual settlement between both parties, an amount of about Rs.1 crore 8 lakh will be paid to all 7 allottees from July 2023 to March 2024, in about 9 instalments. The promoter has issued post dated cheques of Rs 12 lakh 12 thousand per month.

After submitting the agreement signed with the allottees to the Authority, the promoter has requested the Authority to recall the issued recovery certificates from district administration. As per the presented agreement, Renowned Buildtech has cooperated in resolving the dispute by mediating as a third party. Earlier, hearing the complaints filed against Nivas Promoters Private Limited, U.P. RERA had issued an order to give the possession of the unit to the allottees within the stipulated time or return the deposited amount along with the interest for the delay period.

The residential project is located in Sector 10 of Greater Noida West but the construction and development work in the project has stopped for many years. When the promoter did not comply with the order, the allottees had filed Order Execution Requests on the portal. After this, taking next course of action as provisions under the RERA Act, the Authority held a hearing and issued recovery certificates for the purpose of ensuring refunds to the allottees.