Resolutions of RCs totaling Rs 1,200 crore since 2018: UP-Chairman of RERA

NOIDA: Rajive Kumar, the head of the Uttar Pradesh Real Estate Regulatory Authority, stated that since 2018, recovery certificates totaling Rs 1,200 crore have been settled throughout the state through recovery and mutual consent between homebuilders and customers.

On Wednesday, which also happened to be his last working day as the authority’s chairman, Kumar stated that of the total, recovery certificates (RCs) worth Rs 394.26 crore alone were addressed in the 2022–23 fiscal year.

Prior to being named the chairman of UP RERA in 2018, the IAS official from the 1981 batch also held the position of chief secretary to the government of Uttar Pradesh.

“Overall recovery certificates worth about Rs 1,200 crore have been solved by the administration through recovery and mutual consent, and this is the highest among all RERA institutions,” Kumar was quoted as saying in a formal statement.

The recovery of recovery certificates has actually increased significantly because Covid-19 and FY 2022–23 have contributed about 33% since 2018. He asserted that “more than 1,200 cases have been resolved through the Conciliation Forum, leading to the dispute-free ownership of properties worth about Rs 485 crore.”

According to Kumar, “almost 75%” of consumer requests for order execution “have been addressed successfully,” and in 2022–23, Rs 394.26 crore was collected from district administrations in accordance with recovery certificates issued throughout the state, and Rs 353.37 crore was distributed to homebuyers.

Approximately 3,400 group housing projects are currently registered with the UP RERA in Uttar Pradesh. The statement claims that out of these, Gautam Buddh Nagar has the most projects (945), followed by Lucknow (702), Ghaziabad (418), Agra (184), Meerut (148), Varanasi (128), Kanpur (124), and Prayagraj (113).

In addition, Kumar launched a coffee-table book during the RERA’s 125th meeting that details the authority’s history and accomplishments since 2018.