September 1, 2023: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has issued more than 8,575 recovery certificates (RCs), amounting to around Rs 3,015 crore since it was sent up in May 2017. Out of this, RCs worth about Rs 968 crore have been resolved through recovery and settlement.
A recovery certificate is a request letter from the Rera, addressed to the concerned district collector, requesting to recover the specified amount from the defaulting builder as arrears of land revenue under the Revenue Code and to pay the amount to the entitled complainants and allottees. RCs are issued when a real estate developer fails to fulfil the promise of delivering homes.
After recovery by the respective collectors, Rs 630.7 crore has been deposited in the accounts of 3,421 allottees and complainants. Separately, RCs worth Rs 338.17 crore have also been disposed of (through settlement) in 1,185 cases between promoters and allottees. In FY23, nearly 2,500 RCs worth over Rs 800 crore were issued by the authority while Rs 394.26 crore has been collected by the Gautam Budh Nagar district administration against RCs issued across the state in that fiscal year. These statistics were released at a meeting of UP Rera, held in Lucknow recently, under the chairmanship of chairman Sanjay Bhoosreddy.
The regulatory authority has received around 50,900 complaints so far and has resolved approximately 43,930 complaints. The number of complaints filed with UP Rera accounts for 39% of the total in India. The resolution of complaints filed with the state’s regulatory authority stands at around 40%. To manage the influx of homebuyer complaints, UP Rera introduced e-courts in February 2020. Since its launch, more than 27,100 homebuyers have utilised the e-Court module to file complaints, with over 20,700 cases being resolved by the authority.
The real estate authority is currently in the process of integrating Artificial Intelligence and Machine Learning technologies into their official website. The anticipated completion date for this enhanced website version is by the end of this year.
Moreover, UP Rera has registered over 3,470 real estate projects thus far, with 125 new projects having been registered in the current financial year up until August 2023. Notably, 52% of these projects (1,069) are situated in eight districts within the National Capital Region (NCR), including Gautam Budh Nagar, Ghaziabad, Meerut and Hapur. The remaining 48% (987) of ongoing projects are located in 67 non-NCR districts, with Lucknow housing 399 of these projects.
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