By Staff Reporter
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has once again demonstrated its effectiveness in resolving real estate disputes, ensuring the refund of invested funds and the repayment of a bank loan for a homebuyer. This successful resolution comes as a result of UP-RERA’s Conciliation Forum, providing much-needed relief to the aggrieved allottee.
The concerned homebuyer, Ajay Kumar Gupta, had invested in a unit within the Skytech Colour Avenue project, which was being developed by Jatasya Promoters in Greater Noida West. Unfortunately, the project faced significant delays, with the proposed date of possession being July 2019. Frustrated by the lack of progress, Gupta decided to file a complaint seeking a refund and the repayment of the bank loan he had availed for the property.
After deliberation within the Conciliation Forum, an agreement was reached between the parties. According to this agreement, the promoter has committed to a total payment of Rs. 17.50 lakh. This sum includes the refund to the allottee and the repayment of the bank loan. Approximately Rs. 8.30 lakh will be allocated to close the outstanding home loan, while Rs. 9.20 lakh will be refunded to the allottee.
Gupta had initially booked his unit in January 2014, making an upfront payment of nearly Rs. 2.25 lakh towards the unit’s total cost of Rs. 23 lakh. Additionally, the promoter had received Rs. 7.15 lakh from Gupta through a home loan for the same unit. However, the substantial project delays prompted Gupta to file a formal complaint in 2021, seeking a refund and the repayment of his home loan amount.
This successful resolution highlights the effectiveness of UP-RERA’s Conciliation Forum in addressing complex real estate disputes. Through bench proceedings and the Conciliation Forum, UP-RERA has successfully resolved more than 8,100 matters, totaling approximately Rs. 2,940 crore. These efforts provide a valuable mechanism for homebuyers to seek justice and recover their investments, ensuring accountability in the real estate sector.