UP-RERA Ensures Timely Possession with Delay Interest in Royal Castle Project

UP-RERA Ensures Timely Possession with Delay Interest in Royal Castle Project

UP-RERA ensures timely possession with interest. Real estate justice served, a victory for home allottees.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) conciliation forum has secured the possession of two plots with delayed interest for the allottee in the Royal Castle project by Suncity Hightech Infrastructure in Ghaziabad.

Ram Kumar Bansal, who had booked two plots in 2013, faced delays and a slow pace of development. The conciliation forum intervened after Bansal filed complaints, leading to an agreement. The promoter is set to pay approximately Rs. 22 lakh as delay interest, merged into the final demand. Following this, Bansal will clear the remaining amount before taking possession, which is scheduled for completion within two years.

Sanjay Bhoosreddy, chairman of UP-RERA, highlighted the effectiveness of the Conciliation Forum, stating, “During virtual hearings, we encounter cases where both parties seek a mutual settlement. Hence, we transfer such matters to the Conciliation forum where the Conciliator mediates for resolution.”

The conciliation forum of UP-RERA has successfully resolved over 1,300 matters, settling disputes related to properties worth Rs. 510 crore. This proactive approach reinforces UP-RERA’s commitment to ensuring fair and timely resolution for aggrieved parties.

In related developments, UP-RERA has mandated the presence of promoters from various projects in online hearings between December 2023 and May 2024. Complaints have been filed against projects by prominent developers, including Aftek Developers, Agrani Homes, Vasundhara Lotus Infratech, Aashiyana Infrapromoters, Manya Infra Buildwell, SIP Global, Blue Horse Builders, Basera Housing, Lakshya RealInfra, Shine City Infra Projects, Shri Banke Bihari Builders, and Shri Om Infra Land.