Page 55 - RERA Performance Report 2020

55 U.P. RERA PERFORMANCE REPORT 2020

• U.P. RERA is working for implementation of a web-based single window system for
approval and clearances of the real estate projects in all the competent authorities and
other regulatory departments and agencies. The selection of the consultant is in the final
stages. The entire project will be completed in about a year and half after the consent of the
government for the second phase of the project post the completion of the first phase in
about four-month duration.

• U.P. RERA had made recommendation to the government for reformulating the policy
about granting the benefit of zero period to the promoters/developers and provide for
graded relief on levying of interest and penal interest in case of promoters undertaking to
complete the projects by June, 2021. RERA had also proposed to the government to provide
for restructuring of the pending dues of the developers at the rate of SBI MCLR+1 percent. It
had also recommended to provide to home buyers a rebate of 2 percent on the stamp duty
up to 31st August, 2021, permit the registration of the agreement for sale on payment of
stamp duty of Rs 2000- only. These policy changes could mitigate the stagnant real estate
projects and prompt the buyers to come forward for the registration of the sale deeds and
the agreement for sale. The government has already provided some substantive reliefs in
these matters which has been welcomed by the sector.

• Further to the above, U.P. RERA has made recommendations to the government to issue
directions to all the development authorities under both the Department of Housing and
the Department of Industrial Development to restructure the outstanding premium and
other dues of the allottees of the group housing and the individual allottees at the rate of
State Bank Of India MCLR +1 percent with effect from 01-01-2010 on the lines of the orders of
the hon’ble Supreme Court in the Bikram Chatterji and others vs the Union of India and
others judgement dated 10th June 2020. This will greatly help the in the speedy completion
of the stalled projects and ensuring the delivery of long-awaited houses to the home buyers.
It has again recommended to the government for considering its proposal for relief in
stamp duties.

• U.P. RERA has made a recommendation to the government for issuing directions to the
competent authorities for sanctioning the development plans in Integrated Townships
where the development agreement has lapsed due to pending renewal of such
agreements. This will be applicable to all such promoters who can demonstrate its legal title
over about 80 percent of the land under the proposed project; thus, providing relief to the
sector and homebuyers.

The real estate sector like many other sectors of the economy of the country is at a critical
stage and U.P. RERA is fully aware that it has to play its role as regulator in a most effective
manner, but at the same to be a transformer who does not fail in contributing to the
development of a vibrant, responsible and transparent real estate sector.