For first time, UP-Rera cites past record to deny new projects nod

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has rejected applications from Supertech to register two residential projects, citing non-performance in its earlier ventures. It’s the first time the regulator has taken such a step and sets a precedent.
The two projects, Golf Country phase 1A and Golf Country phase 1B, are located in Yamuna Expressway’s Sector 22. Both are in the launch stages. According to UP Rera, the decision was taken after a meeting with Supertech chairman RK Arora in which he “failed to convince” the regulator about his completion plan for the projects.
The Noida-based real company, which established its real estate business in 1988, has around 45 projects under its belt in Noida, Greater Noida, Ghaziabad and Gurgaon. Of these, the company claims around 15 are still incomplete.
Rajesh Kumar Tyagi, secretary, UP-Rera, told TOI, “This is the first time we have done something like this as we took cognisance of the builder’s prior performance and then weighed whether it should be allowed to launch and promote new projects or not. A builder should first successfully complete its existing projects before expanding and branching out to new ones to ensure that the buyers do not lose their investments. This will set an example to all builders who expand fast without being able to manage existing work.”
Tyagi added, “The developer has failed to comply with several UP-Rera orders in addition to the incomplete projects. Hence, we decided to prevent its further expansion. Our primary concern is to protect buyers’ rights. If they comply with our orders substantially, we will grant permission for their new projects, else not.”
Arora, the chairman and managing director of Supertech as well as UP president of real estate body Naredco, cited unavailability of funds and the current pandemic situation as reasons for a slowdown in construction activity and urged the government to come up with a bailout plan for developers.
“We had a series of meetings with the authorities and have asked that the government should create some bailout for builders who are braving two years of the pandemic back to back, which has not only led to a massive financial setback but also slowed down work,” Arora said.