Chief Minister U.P.Implement RERA in U.P.immediately for existing undelivered projects .”
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We are extremely grateful to the Central Govt for announcing the Real Estate Regulatory Act(RERA) passed in parliament and providing much needed relief to thousands of home buyers across India. Summarised below are plights of miserable home buyers across Uttar Pradesh and more pronounced in Noida and Greater Noida.
Wilful defaulting builders have collected 80 to 90% payments from buyers but have left projects incomplete or minimal work done on the same
No escrow accounts were maintained and collections were diverted to other projects or personal business activities like building land banks or building large commercial complexes for huge rental incomes
Builder Buyer Agreements(BBA) are unfair and completely one sided-18% interest charged by builders for delayed payments but only Rs 5/sq ft(less than 2% (interest) per annum to buyers for delayed deliveries.
Complete life savings of people many of whom had to finance their needs by taking expensive loans are washed away making lives miserable for thousands without a roof on their head
Home buyers are an agonised lot, stressed with huge financial burdens, court litigations and running from pillar to post to save their tax paid hard earned money and savings from these builders
Even mass protest at builders offices, press coverage seem to have no effect on these builders given the extremely slow judicial progress in our country and the very long arms of many builders
Non Resident Indians have a shattering experience when they realise that a home paid for their aged parents or themselves when they come back to Haryana is just not there but the money is gone.
Recent news paper reports suggest that the builder lobby is pushing very hard to keep existing undelivered projects whose completion certificate(CC) or Occupancy Certificate(OC) are still pending out of RERA ambit.
If these undelivered projects already delayed by 5 to 7 years are kept out of RERA ambit, the very purpose and a gift to the nation from Honourable PM Shri Narendra Modi will be totally defeated.
It is our humble plea and request to you to kindly make RERA applicable in Uttar Pradesh immediately and bring undelivered projects under its ambit. This is our last hope having put our life term savings for buying a home in Uttar Pradesh .Please save us, our families and help us get our dream homes.
Home Buyers in Uttar Pradesh State
This petition will be delivered to:
Chief Minister Uttar Pradesh
Chief Secretary Uttar Pradesh Govt
Honorable Minster of Urban Development
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