RERA Recovered 150 Cr – Real Estate News and Updates
Real Estate News: UP RERA recovered Rs 150 crore from developers in four years
Real Estate News and Updates: According to an economic times report, The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued 4724 recovery certificates to the concerned district magistrate for recovery of the money due to the home buyers in four years.
According to the authority, about Rs, 150 crores has been recovered against about 1000 recovery certificates and transferred to the accounts of the home buyers.
UP RERA has decided about 30500 complaints out of 38500 complaints filed with it. After the expiry of the due dates for compliance of 16400 orders, about 11200 complainants have approached RERA for enforcement of those orders.
Over four years, UP-RERA has worked for the balanced development of the real estate sector and for safeguarding consumer interests. Around 40 percent of all complaints filed with RERA across the country have been filed with UP RERA and it has disposed of about 37 percent of all complaints resolved by all RERAs,” the authority said.
Read more at economic times
With the advent of RERA in India, investment in real estate has become very secure.