June 30, 2023: Uttar Pradesh Real Estate Regulatory Authority (UP Rera) chairman Rajive Kumar announced on June 28, 2023 recovery certificates (RCs) worth Rs 1,200 crore have been resolved across the state since 2018 through recovery and mutual consent between builders and homebuyers. Of these, RCs worth Rs 394.26 crore were resolved in the financial year 2022-23 alone, said Kumar at the 125th meeting of the UP Rera, which also marked his last working day as the chairman of the authority. Of this, Rs 353.37 was crore transferred to homebuyers as per the procedure.
Kumar also said that a quick jump has been noticed in the recovery of RCs after COVID-19 and FY 2022-23 has contributed approximately 33% since 2018. Almost 75% requests of order execution received from consumers have been addressed successfully. By resolving more than 1,200 cases through the Conciliation Forum, properties worth about Rs 485 crore have been made dispute free. During the meeting, Kumar also inaugurated a coffee-table book chronicling the authority’s journey since 2018 and its achievements.
Currently, the state has around 3,400 group housing projects registered with the UP Rera. Of these, the maximum projects are in Gautam Buddh Nagar (945), followed by Lucknow (702), Ghaziabad (418), Agra (184), Meerut (148), Varanasi (128), Kanpur (124) and Prayagraj (113), according to the statement.
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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