Good news for stuck home buyers in Noida, Ghaziabad: Rera has a big plan to get things moving
Out of these 18 projects, 15 are in joint development by respective promoters and the Association of Allottees (AOA), amounting to 6,250 flats. The remaining three are exclusively being constructed by the AOA.
However, only one project, Jaypee Greens Kalypso Court Phase 2, consisting of 304 units, has successfully reached completion under Rera's supervision, with a few others nearing the finish line.
The main obstacle hindering the progress of these projects is the lack of funds, primarily due to banks and financial institutions withholding loans from both homebuyers and promoters. Officials attribute this reluctance to the controversies surrounding these long-delayed projects, which has created uncertainty regarding their ultimate completion.
Sanjay Bhoosreddy, the Chairperson of UP-Rera, has announced plans to engage with banks and financial institutions to convince them that releasing loans would contribute to project completion under Rera's oversight.
He will also urge concerned promoters to adhere to guidelines and submit necessary documents to facilitate the loan approval process.
Bhoosreddy explained, «Rehabilitation projects are initiated only after reaching a consensus among the AOA, promoters, and other stakeholders, in alignment with Rera guidelines. We will conduct a series of meetings to eliminate obstacles impeding project progress.»
Meetings with NCR project promoters will take place in Noida, while sessions for others will be organized in Lucknow.
A state-level bank committee (SLBC) meeting will be held in Lucknow to address the concerns of financial institutions. Bhoosreddy emphasized that their persuasion efforts aim to ensure the timely completion of these crucial projects.
One such project under
