The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has warned of strict action against 41 promoters, who remained absent from the review meeting regarding lapsed projects. The bank accounts of these promoters could soon be frozen and sales and purchases prohibited in such projects, the authority said.
The authority has warned 41 promoters of action. They have projects across Lucknow, Kanpur, Varanasi, Rampur, Mathura, Barabanki, Moradabad, Raebareili, Firozabad, Gorakhpur, Agra, Aligarh, Bareili and Mirzapur.
According to a statement issued by the Authority, the UPRERA conducted a review meeting with the promoters of lapsed projects on March 28, 2023. A total of 51 developers were asked to attend the meeting, but 41 were absent.
In a statement, UPRERA Secretary Rajesh Kumar Tyagi said that promoters who have been constantly skipping the review meetings and ignoring the orders of the real estate regulator have now been listed by the authority and action against them will be taken soon, per RERA rules.
“The proceedings include freezing of bank accounts, prohibiting sale and purchase in their projects, and no new project of theirs will be registered by RERA. Promoters who are selling units despite the project having lapsed will be charged with relevant sections of the RERA Act, and possible imprisonment,” the statement said.
UPRERA is reviewing projects whose completion date has expired, but so far neither the promoters have reported the completion of the projects nor have they applied for an extension of the completion date. Such promoters were called for a meeting, which many chose to skip, the statement added.
Tyagi also pointed out that any irregularity in compliance with the RERA Act will not be tolerated by the authority and immediate action will be taken as per the rules.