The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to grant an additional nine months of registration extension for projects with initial registrations expiring on or before December 31, 2021. For projects in the NCR region, this extension is for nine months, while it is six months for non-NCR regions.
Decision Details
- Purpose: To remove restrictions and facilitate the development of stagnant real estate projects.
- Objective: To speed up construction and ensure homes are delivered to buyers within a reasonable timeframe.
Conditions for Extension
- Monitoring: The extension is subject to the authority's close monitoring.
- Specific Conditions: Extensions will be granted under certain conditions and upon the promoter's request, accompanied by an affidavit.
- Project Timeline: If the project completion date is after December 31, 2021, developers will be instructed to accelerate development to complete the project within the original registration period.
Requirements for Extension
- Affidavit: The developer must submit an affidavit stating their commitment to completing the project during the extended registration period.
- Financial Plan: The developer must provide a compelling financial plan, whether from project financing or personal resources, to ensure project completion.
Authority’s Perspective
Authorities believe that providing additional time to complete the projects will help finalize several projects, benefiting a large number of pending home buyers.
Memorandum of Understanding (MOU)
- Verification: Before making a decision on a promoter's request, the authority will verify the physical progress of the project through its technical division.
- Agreement with AOA: If the promoter cannot complete the project within the extended period, they must enter into an MOU with the Association of Allottees (AOA).
- Additional Time: The developer must also contact authorities for additional time based on terms agreed between the AOA and the developer.
Upon receiving a joint request from the developer and AOA, the authority will decide whether to allow the developer to complete the remaining project.