UP RERA’s Remarkable Recovery: ₹674 Crore Recovered Under Sanjay Bhoosreddy’s Leadership

LUCKNOW: Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has achieved a significant milestone by recovering ₹674 crore from promoters and developers over the past 17 months.

This impressive feat coincides with the tenure of Sanjay Bhoosreddy, a 1989 batch IAS officer, who assumed the office of chairman during this period.

Before Bhoosreddy’s leadership, the authority had only managed to recover ₹558.5 crore since its establishment in May 2017. With this remarkable progress, a total of ₹1,232 crore has now been transferred to the bank accounts of 5,124 homebuyers who had been waiting indefinitely to receive possession of their dream homes.

According to UP RERA, 12,472 recovery certificates (RCs) valued at ₹3,778.69 crore have been issued to date, with a majority concentrated in the National Capital Region.

Regarding the accomplishment, Bhoosreddy remarked, “I did nothing extraordinary but focused on the fundamentals and leveraged my experience working with promoters and developers. One of my first steps was to streamline the systems put in place by my predecessor.

Regular virtual meetings were held with district collectors and Board of revenue officials to discuss progress on recovery certificates. To improve monitoring, we divided the region into western and smaller districts, and on the 29th of every month, an Excel sheet updated with recovery progress was shared with all concerned officials.”

Elaborating on additional strategies, Bhoosreddy explained that UP RERA teams, which included officials from the development authority, SDM revenue, and banks, began conducting early morning visits to the premises of defaulting promoters.

This tactic created a sense of embarrassment among defaulters and prompted many to settle their dues. However, some promoters resorted to deceit by changing office addresses or listing housemaids and servants as company directors to evade accountability.

To address this, UP RERA utilized the corporate affairs portal to verify the credentials of developers and promoters. Based on these findings, legal actions were taken against them under the applicable sections of RERA and company law, and recovery certificates were issued targeting the top officials of these companies.

In addition to recovering dues, UP RERA has also played a pivotal role in resolving disputes. Approximately 8,500 complaints worth ₹3,311 crore have been addressed through conciliation forums set up in Lucknow and Greater Noida.

These forums have facilitated settlements involving both refunds and the possession of units. Furthermore, over 1,500 complaints valued at around ₹600 crore were resolved amicably through mutual agreements between promoters and allottees.

UP RERA has also demonstrated efficiency through its online portal for enforcing orders. A total of 14,976 orders have been enforced against 15,772 execution applications.

Since its inception, the authority has received 56,130 consumer complaints, which account for about 39% of all complaints filed nationwide. Impressively, UP RERA has resolved 47,927 complaints, achieving a resolution rate of approximately 85.2%.

The authority also highlighted the districts that recorded the highest number of consumer complaints. The top five districts are Gautam Buddha Nagar, Lucknow, Ghaziabad, Varanasi, and Meerut.