UP-Rera Guidelines for Builder-Buyer Settlements: Ensuring Transparency and Compliance
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In a significant victory for homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has successfully resolved a property dispute, ensuring the possession of a unit with interest for the delay period. The conciliation forum of UP-RERA played a pivotal role in mediating between the allottee, Rajeev Aggarwal, and the promoter in the Devaika Gold Homz project located in Greater Noida.

Resolution through Mediation: Following thorough mediation, a new agreement has been reached between the allottee and the promoter. As per the terms, the allottee will pay Rs. 2.50 lakh to the promoter and, in return, receive possession of the unit along with all amenities outlined in the original agreement for sale. Additionally, advance maintenance charges will be applicable from the actual date of possession.

Chairman’s Perspective: Sanjay Bhoosreddy, Chairman of UP-RERA, emphasized the significance of the conciliation forum in facilitating mutual settlements. He stated, “Promoter and allottes can choose the conciliation forum for mutual settlement of the matters. The conciliation forum offers mediation of the conciliator along with the association of allottees and promoter for settlement, putting all efforts to settle the dispute mutually.”

Allottee’s Grievances: The allottee, Rajeev Aggarwal, had booked a unit in the Devaika Gold Homz project with a cost of Rs. 16.76 lakh. Despite making payments totaling Rs. 16.49 lakh following the agreement for sale, he faced delays in possession with no response from the promoter. Frustrated by the slow pace of development and discrepancies in the last demand letter, including a charge of Rs. 8 lakh and interest for the delay period, Aggarwal filed an official complaint with UP-RERA.

Impressive Track Record: UP-RERA’s conciliation forum has demonstrated its effectiveness by resolving over 1,300 matters, settling disputes related to properties worth Rs. 510 crore. This success reinforces the role of regulatory authorities in safeguarding the interests of homebuyers and promoting a transparent and efficient real estate ecosystem.

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