NOIDA: Home buyers of Noida have on Sunday demanded a speedy implementation of the UP Real Estate and Development Act, 2016 to protect the home buyers’ interest in the city. In a letter to the chief minister Akhilesh Yadav, buyers’ group, Noida Extension Flat Owners Welfare Association (Nefowa), has demanded the UP Act, as notified by the state government on October 27, be implemented at the earliest. Nefowa has been a front runner in the nationwide buyers’ movement, ‘Fight for RERA’.
The buyers have further condemned the four exclusions made in the UP adaptation of the National Act, as implemented in Union Territories. The exclusions are such projects which have received completion certificates; where maintenance is handed over to the RWA; where 100% development work has been completed and registry for 60% of project has been complete or where 100% development work is complete and completion certificate is applied for with all prerequisite documents.
There are close to 50,000 apartments in Noida and Greater Noida which are now complete, and where completion certificates have been applied for. However these apartments are situated in projects which are still not complete in entirety, but partially handed over. This implies that the UP RERA once made applicable, will cover approximately 2 lakh apartments freshly launched, or partly constructed apartments in Noida, Greater Noida and Expressway regions.
The Act as notified and implemented in the Union Territories includes all apartments which have not procured completion certificates till October 31st to be under its ambit. But the UP state government has made exemptions for those who have applied for completion, and awaiting certification.
“RERA is beneficial for buyers, builders and the real estate industry as a whole. However once it is implemented, its true benefits will be mostly be realized by those projects which have just been launched or are in the pipeline. The real impact on present and ongoing projects will be realized soon,” Amit Modi, vice-president, Credai, Western UP, said.
“We want a speedy implementation of the act in UP because 2017 is an election year and there are various other issues which may cloud the home buyer’s issues. Though the states have a window of six months to make it applicable, we want that it should be done in a few months’ time,” Abhishek Kumar, president, Nefowa, said.
“We demand all such apartment complexes which have been awarded partial completion to be included for registration under the Act. This will provide uniformity to the application of the regulations,” Indrish Gupta, co-founder of Nefowa, said.
Source from: http://timesofindia.indiatimes.com/city/noida/Buyers-write-to-CM-for-speedy-implementation-of-RERA-in-UP/articleshow/55276589.cms