The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has asked 470 complainants to submit their updated bank account details so that money recovered from real estate promoters through Recovery Certificates (RCs) can be transferred to their accounts.
The Authority said that despite recovery proceedings having resulted in amounts being recovered from promoters, payments to several successful complainants remain pending because the required bank account information and supporting affidavit have not been submitted.
Why Are Complainants Yet to Receive Their Money?
According to UP-RERA, complainants in 470 cases have not provided their updated bank account details through the prescribed affidavit.
As a result, the Authority is unable to transfer the recovered amounts into their respective bank accounts.
UP-RERA said that the concerned complainants have already been informed several times through their registered email addresses to submit the required information.
The latest direction is intended to ensure that money recovered from defaulting promoters does not remain undistributed merely because the beneficiaries have not completed the required documentation.
What Do Complainants Need to Submit?
The affected complainants have been asked to submit their correct and updated bank account details through a notarised affidavit on ₹10 stamp paper.
The information provided must be accurate because the recovered amount will be transferred based on the bank details submitted to the Authority.
Complainants should therefore ensure that their:
- Bank account number is correct
- IFSC code is accurate
- Bank account is active
- Account details are updated
- Name and other details correspond with the relevant case records
Incorrect or outdated information could result in further delays in receiving the recovered amount.
Where Should the Affidavit Be Submitted?
UP-RERA has prescribed different submission locations depending on the district concerned.
NCR District Cases
Complainants whose cases relate to districts falling within the National Capital Region (NCR) have been asked to submit their notarised affidavits at the Authority’s regional office in Gautam Buddha Nagar.
Cases Outside NCR
Complainants from districts outside the NCR have been asked to submit their affidavits at the UP-RERA office in Lucknow.
This district-wise arrangement is intended to make submission of the required documents easier for successful complainants.
Recovery Certificates and Homebuyer Relief
The development highlights an important aspect of RERA enforcement.
Obtaining a favourable order against a promoter is only one stage of the recovery process. Where a promoter fails to comply with the monetary directions issued by the Authority, recovery proceedings can follow, including the issuance of Recovery Certificates.
However, even after money is recovered, the amount must ultimately reach the complainant.
In the present cases, UP-RERA has indicated that the recovery amount is awaiting transfer because the beneficiaries have not supplied the required bank details.
UP-RERA Seeks to Prevent Further Delay
The Authority’s latest direction is effectively a reminder to successful complainants that they must complete the documentation necessary for receiving recovered money.
For homebuyers who have obtained recovery orders, keeping their contact details and bank information updated with RERA is therefore important.
A change in bank account, closure of an old account or incorrect IFSC details can create complications at the payment stage.
What Should the 470 Complainants Do?
Affected complainants should act promptly rather than waiting for another communication from the Authority.
They should:
- Check their registered email address for communication from UP-RERA.
- Confirm whether their case falls within the 470 cases identified by the Authority.
- Prepare the required notarised affidavit on ₹10 stamp paper.
- Provide correct and active bank account details.
- Submit the affidavit at the appropriate UP-RERA office.
- Keep a copy of the affidavit and submission proof for their records.
A Significant Step in Recovery Enforcement
The direction is important because recovery of money from a promoter is meaningful only when the recovered amount ultimately reaches the homebuyer.
UP-RERA’s initiative seeks to remove one of the final procedural hurdles preventing successful complainants from receiving money recovered through enforcement proceedings.
For the 470 affected complainants, submitting the required bank details and affidavit promptly could help move their cases from recovery completed to money actually received.
Key Takeaways
470 complainants have been asked to provide updated bank details.
Why?
To enable UP-RERA to transfer money recovered from promoters through Recovery Certificates.
What is required?
A notarised affidavit on ₹10 stamp paper containing correct and updated bank account details.
NCR cases:
Submit at the UP-RERA regional office, Gautam Buddha Nagar.
Non-NCR cases:
Submit at the UP-RERA office, Lucknow.
Important:
The bank account must be active, correct and updated to avoid further delays.
