The Greater Noida bench of Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to launch a website to provide the buyers a platform to register and declare ownership of flats. As per sources, the decision has come after repeated complaints of multiple ownerships at societies.
The move will help in authenticating the actual ownership and scrutinise ghost buyers. For instance, many cases of multiple ownership had come to the fore from a housing project of Unnati Group, Aranya. During the investigation, it was found that multiple flats were booked on single name.
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The official were of the view that the decision will help the regulatory authority to know exactly how many genuine buyers have invested in the project and therefore a correct estimate can be drawn of the amount of money paid up to the builder and how much the investors still owe towards the completion of their flats.
“Now, it will be easy for the regulatory authority to keep track of genuine buyers in a project,” official added.
The bench had earlier recommended the state government to constitute a special investigation team (SIT) to investigate the alleged embezzlement of Rs 147 crore by Unnati group. This misappropriation of funds was brought into notice by a forensic audit report.
Moreover, an inspection team of Noida Authority earlier found that out of eight towers, only four are ready for completion and in four towers, major construction work is still pending.
While Aranya phases 1 and 2 apartment buyers have completely paid up their money and the phases 3, 4 and 5 buyers have so far only paid up to about 20 per cent of the cost to the builder.
UP-RERA officers earlier confirmed that the builder had left the country. The completion of the project has been initiated by UP-RERA by invoking Section 7 of the RERA Act, which makes provision for UP-RERA to step in and facilitate completion of abandoned projects.
The move will help in authenticating the actual ownership and scrutinise ghost buyers. For instance, many cases of multiple ownership had come to the fore from a housing project of Unnati Group, Aranya. During the investigation, it was found that multiple flats were booked on single name.
The official were of the view that the decision will help the regulatory authority to know exactly how many genuine buyers have invested in the project and therefore a correct estimate can be drawn of the amount of money paid up to the builder and how much the investors still owe towards the completion of their flats.
“Now, it will be easy for the regulatory authority to keep track of genuine buyers in a project,” official added.
The bench had earlier recommended the state government to constitute a special investigation team (SIT) to investigate the alleged embezzlement of Rs 147 crore by Unnati group. This misappropriation of funds was brought into notice by a forensic audit report.
Moreover, an inspection team of Noida Authority earlier found that out of eight towers, only four are ready for completion and in four towers, major construction work is still pending.
While Aranya phases 1 and 2 apartment buyers have completely paid up their money and the phases 3, 4 and 5 buyers have so far only paid up to about 20 per cent of the cost to the builder.
UP-RERA officers earlier confirmed that the builder had left the country. The completion of the project has been initiated by UP-RERA by invoking Section 7 of the RERA Act, which makes provision for UP-RERA to step in and facilitate completion of abandoned projects.
