Promoter-buyers can find the best solution: UP RERA Chairman Rajive Kumar

The best option for starting off stuck projects is for the promoters and the existing buyers working together and coming up with a reasonable solution, according to UP RERA Chairman Rajive Kumar.  

He was responding to a specific query by R&M Editor Palash Roy at the ninth edition of Realty Webseries hosted by Realty & More and ICCPL on July 4. Roy had asked Kumar if there is a roadmap prepared by RERA so that stuck projects are completed and work resumes on track.

which a new investor always faces is about the liabilities which will befall on him in case he makes an investment. This, he said, is one area in which a whole range of contracts can be drawn – from complete ownership transfer, which is provisioned under Section 15, to management contract only. There are various ways by which the contracts can be structured and that flexibility is available. “But I think, the best solution is where the promoters and the existing buyers can work together and come up with a reasonable solution”, he opined.

To this Venket Rao, RERA expert and Advisor to UP RERA, added: “A large number of projects are stuck and looking for some kind of exit. There, I think, to bring in investors, and if we are talking about overseas investors, they do require a lot of clarity. So, maybe to that extent, we need to work on the Act”.