[ad_1]
Uttar Pradesh Rajeev Kumar, chairman of the Real Estate Regulatory Authority (UP-RERA), said on Wednesday that the authority is very effective in the state and has disposed of almost 90 per cent of the complaints filed by it. The Real Estate (Regulation and Development) Act (RERA) was passed in the Parliament in March, 2016 and came into effect from May 1, 2016. Real estate authorities have been set up in almost all the states and union territories under this law, which came into full force in May 2017. Speaking at a conference organized by industry body Assocham, Kumar said that UP-RERA has resolved 41 per cent of the total consumer complaints resolved by various state regulators.
About 38 percent of the complaints received across the country
He said that the RERA Act would not have come into existence if the real estate business in the National Capital Region-Delhi had not faced so many problems. The credit for its regulation goes to Delhi-NCR only. According to official data, UP RERA has received 47,671 complaints, which is about 38 per cent of the complaints received across the country. Of these, about 42,600 complaints have been disposed of, which is about 41 per cent of the disposed complaints in the country.
Registration of real estate projects increased by 23 percent
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has registered a 23 percent increase in the registration of new projects in 2022 as compared to the previous year. UP RERA said that a total of 215 projects were registered in Uttar Pradesh in 2022. UP RERA was set up in 2017 to regulate the fast growing real estate sector, bring transparency, protect the interest of home buyers and speedy settlement of consumer-builder disputes. Around 258 projects were registered in 2018 and 216 in 2019, the UP real estate regulator said in a statement. In 2020, 161 projects were registered while in 2021, 174 projects were registered.
[ad_2]
Source link