UP-Rera to issue SOPs for buyers who find defaulting builders

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) is coming out with a set of standard operating procedures (SOPs) for buyers should they find a builder has dishonoured an order of the regulator, despite the quasi-judicial body itself trying hard to recover dues from 65 defaulter developers in the state.

“We are soon going to upload on our website a set of SOPs for buyers telling them what to do if they find our orders being dishonoured by builders,” UP-Rera secretary Abrar Ahmad told TOI.

UP-Rera is also looking for a government-backed auction house to trade off property secured from defaulter builders for refunding buyers though of the 65 defaulter builders, only four builders have disclosed their assets so far. These four developers were among the 22 from Noida and Ghaziabad that UP-Rera member Balvinder Kumar had met between August 18 and 21.

“We have a list of 65 defaulter builders from whom we have to recover funds to refund buyers. So far, we have only contacted 22 for updates. We are actively working on the recovery process for all. We are looking for a good government-backed auction house to help us recover funds by selling the assets of the builders to refund buyers,” Ahmad said.

UP-Rera has kicked off a stock-taking drive for the efficacy of its orders issued from December 2018 when it came into existence. While many builders have been found to have ignored the orders of UP-Rera, compliance deadlines have been reinforced on all and the regulator claims to have started making individual follow-ups to see that orders have found closure.

“Following last month’s week-long exercise to get the defaulter builders disclose their assets, only four have complied with our orders so far. These builders have uploaded their compliance status on UP-Rera website. Each registered builder has a dashboard on which they have started updating their details. To ensure the remaining builders comply with our orders, we are soon going to reinforce some measures,” Ahmad said.