Refunds, a relief guaranteed under UP-RERA
Real Estate

Refunds, a relief guaranteed under UP-RERA

Only 5% of RCs given by the real estate ombudsman since 2018 have been recovered in Noida, the largest real estate market in Uttar Pradesh and one with most of its issues, mostly delayed deliveries and unfinished projects.

If angry homebuyers contact Rera against defaulting developers for refunds, RCs are issued in accordance with two provisions - Section 40 (1) of the UP Rera Act and Rule 23 of the UP-Rera Rules - but it is the district administrations' responsibility to implement the RCs.

According to information provided by the Noida administration, just 118 of the 2,352 RCs awarded since 2018—worth a total of Rs 875.6 crore—have been realized as of July 2023.

This represents under 5% of all RCs granted. Rera officials said that RC execution resumed after the pandemic and that the Noida administration recovered an additional Rs 196 crore this year, although the money has not yet appeared in the administration's logs. According to officials, the Wave Group paid off RC debt totalling Rs 96 crore in June and recovered another Rs 100 crore in RC debt between January and March of this year.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Only 5% of RCs given by the real estate ombudsman since 2018 have been recovered in Noida, the largest real estate market in Uttar Pradesh and one with most of its issues, mostly delayed deliveries and unfinished projects. If angry homebuyers contact Rera against defaulting developers for refunds, RCs are issued in accordance with two provisions - Section 40 (1) of the UP Rera Act and Rule 23 of the UP-Rera Rules - but it is the district administrations' responsibility to implement the RCs. According to information provided by the Noida administration, just 118 of the 2,352 RCs awarded since 2018—worth a total of Rs 875.6 crore—have been realized as of July 2023. This represents under 5% of all RCs granted. Rera officials said that RC execution resumed after the pandemic and that the Noida administration recovered an additional Rs 196 crore this year, although the money has not yet appeared in the administration's logs. According to officials, the Wave Group paid off RC debt totalling Rs 96 crore in June and recovered another Rs 100 crore in RC debt between January and March of this year.

Next Story
Infrastructure Energy

BrightNight Commissions 115 MW Hybrid Power Project in Maharashtra

BrightNight, a prominent global renewable energy producer, has launched the first phase of its 115 MW hybrid renewable energy project, Optima Maharashtra, in Dharashiv, located in southern Maharashtra. This marks one of the state’s pioneering co-located wind and solar projects and signifies BrightNight's inaugural energy supply to India's national power grid, furthering the nation's goal of decarbonising its energy sector. Spanning around 14,000 acres, the project integrates cutting-edge wind and solar technologies, powered by BrightNight’s proprietary AI-driven PowerAlpha® platform. The ..

Next Story
Infrastructure Energy

Maha and Rajasthan Lead Solar-Powered Agriculture Under KUSUM Programme

Maharashtra and Rajasthan are leading the way in the adoption of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) programme, specifically under Component C. This component aims to scale renewable energy infrastructure, addressing both agricultural sustainability and energy security. The two states are expected to contribute over 10 GW of solar capacity under the PM-KUSUM programme by 2025. The PM-KUSUM programme consists of three key components: small-scale solar projects (Component A), the installation of standalone solar-powered pumps (Component B), and the solarisat..

Next Story
Infrastructure Energy

Odisha Floats EPC Tender for 4 MW Solar Projects with Battery Integration

The Odisha Renewable Energy Development Agency (OREDA) has released a tender for the engineering, procurement, and construction (EPC) of 4 MW rooftop solar projects with integrated battery systems. These projects will be implemented across various locations in Odisha under a rate contract basis. Bids must be submitted by January 27, 2025, with bid opening scheduled for February 1. Bidders are required to submit a bid security of Rs 300,000 ($3,600), a bid cost of Rs 10,500 ($126), and a processing fee of Rs 1,000 ($12). The selected bidders must be responsible for designing, engineering, suppl..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000