The real estate regulatory authority (RERA) that is likely to be formed in Uttar Pradesh soon will not benefit homebuyers who have invested in realty projects that are currently stuck, according to officials of the Noida authority. “There are many builders who claim they have no funds to revive a stuck housing project. RERA has no provision to rejuvenate a stuck project if the builder has no funds,” a Noida authority official said. Read moreThe Noida, Greater Noida and Yamuna Expressway authorities are to recover around Rs25,000 crore from builders in land dues. Homebuyers in Noida are planning to meet chief minister Yogi Adityanath and demand that new realty projects come under the ambit of RERA to ensure that buyers are not cheated or harassed.

Source: Hindustan Times April 16, 2017 16:52 UTC