RERA intervention pays off in Noida | Economic Times

In the first success story of the conciliation forum of the Uttar Pradesh Real Estate Regulatory Authority, over 800 homebuyers of a Noida project will get their homes almost a decade after booking their apartments.Close to 100 homebuyers of Gayatri Aura had dragged the Gayatri Group to UP RERA after the project was stuck.Following complaints from homebuyers in UP RERA, the conciliation forum conducted several rounds of talks between builder and buyers. After this, the builder submitted a blueprint of the project construction in which the work of four towers was to be completed in phases.“We had acquired the land in 2011 and launched the project in the same year. But there was some encroachment on the land and we got full possession of the land only in 2015. The completion date in RERA for the first two towers was 2017, and due to the delay, buyers approached the RERA,” said Hari Om Dixit, director, Gayatri Aura. In the last two years, the developer has invested ₹40 crore and has now offered possession of two towers to the buyers before August 15.The construction of the remaining two towers is also targeted to be completed by December 2021 and June 2022.“Whenever we see a possibility that a project can be completed with a little push, we take it to the conciliation forum. With both builder and buyers on the same page, the project takes shape. We will take more projects toward completion through the conciliation forum,” said Rajive Kumar, chairperson, UP RERA.