UP RERA issues RCs to five developers

Uttar Pradesh RERA on August 18 met five developers from Noida and Ghaziabad and issued 174 recovery certificates (RCs) against them amounting to around Rs 68 crore.

Supertech Limited with 111 RCs of Rs 45 crore topped the list followed by Logix Group which was handed over 35 RCs worth Rs 15 crore. Mascot Homes, Aura Buildwell, and Mist Direct Sales were the next three in a row, according to a newspaper report.

A recovery certificate is used by the state to settle debts against defaulters. The recovery process is executed by the district administration.

Notices by UP RERA with details of amount to be recovered will be sent to the Noida and Ghaziabad administration which, if needed, will attach the property concerned and put it up for auction to fund the buyer, said the report.

“The builders have defaulted on UP RERA possession orders. We have asked them to refund buyers in instalments because they are facing a cash crunch. They have been asked to give details of properties that can be auctioned to facilitate the refunds,” Balvinder Kumar, Member, UP RERA was quoted saying in the report.

In a clarification issued to the press, Supertech Chairman RK Arora said, “We have been addressing the complaints raised at UP RERA. We have settled around 50 pc of the complaints so far. Lockdown has affected our work, but we will speed up action to settle all complaints.”