UP-RERA to deregister property builders
The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has for the first time decided to deregister six builders for failing to meet their commitments to buyers. The Authority will take over the unfinished projects of these builders and give the first right of completion to the buyers, officials said on Friday.
UP-Rera chairman Rajive Kumar said that the notices would be sent to Primrose Infratech for Primrose Ryne project, PSA Impex for Sampada Livia, MSA Developer for Circuit Heights, Greenbay Infrastructure for Greenbay Golf Homes, Intellicity Business Park for Intellicity project and Mist Direct Sales for Festival City by March 5.
The UP-Rera Chairman said they have also appealed to the Centre that even if disgruntled buyers approach the National Company Law tribunal, the suggestions of UP-Rera should be included if the project is registered with the real estate regulator.