Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has decided to grant nine month additional extension for registration of the projects whose original registration or extended registration ends on or before December 31, 2021 in the NCR region and six months in the non-NCR region on account of the second wave of COVID-19.
However, this extension is subject to rigorous monitoring of such projects by the Authority and will be granted subject to the conditions that the extension would be without any prejudice to the lawful rights and claims of the homebuyers vis-à-vis the promoter; Such extensions would be permissible only in case of projects with registration or extended registration ending on or before December 31, 2021, UP RERA said in a statement.
However, if the completion date of a projects is beyond December 31, 2021, the promoter would be directed to expedite the development work and to complete the project within existing period of registration, it said.
Such extension would be granted only on application of the promoter of such project accompanied with an affidavit that it could complete the project within this period of extended registration and also subject to the condition that the promoter submits a convincing financial plan, by way of project finance or from its own sources, to complete the project, the Authority said.
The Authority, before deciding on any such request of the promoter, will get the physical progress of the project verified through its technical division in order to ascertain the veracity of the undertaking of the promoter in this regard.
In case, the promoter is not in a position to complete the project within the additional period of extended registration, it would be required to enter into an agreement or MOU with the Association of Allottees (AOA) and to approach the Authority for additional time to complete the project in accordance with the terms and conditions decided between the AOA and the promoter.
The Authority, on receipt of such joint request from the promoter and the AOA, will take an appropriate decision to authorize the promoter to complete the remaining work of the project as per the terms and conditions decided between them, subject to strict monitoring by the Authority, UPRERA said.
The purpose of such decision by the Authority under section 6, 7 and 8 of the RERA Act is to ensure that delivery of the homes of the home buyers in near future.
The Authority feels that granting some additional time for completion of the projects whose extension is lapsing on or before December 31, 2021, will facilitate the completion of several projects leading to delivery of houses to the to a large number of homebuyers. This decision of the Authority is in furtherance of the mandate conferred on the Authority by the RERA Act intended to facilitate the completion of the projects and delivery of the houses to the homebuyers, said Rajesh Kumar Tyagi, secretary, UPRERA.