RCs worth Rs 1,200 crore resolved since 2018, says UP RERA chairman

Uttar Pradesh Real Estate Regulatory Authority chairman Rajive Kumar has said recovery certificates worth Rs 1,200 crore have been resolved across the state since 2018 through recovery and mutual consent between builders and homebuyers.

Of the total, recovery certificates (RCs) worth Rs 394.26 crore were resolved in the 2022-23 financial year alone, Kumar said at the 125th meeting of the UP RERA on Wednesday, which also marked his last working day as the chairman of the authority.

The 1981-batch IAS officer also served as chief secretary to the Uttar Pradesh government before his appointment as the chairman of UP RERA in 2018.

"Overall recovery certificates worth about Rs 1,200 crore have been resolved by the administration through recovery and mutual consent and this is the highest among all RERA institutions," an official statement quoted Kumar as saying.

"In fact, a quick jump has been noticed in the recovery of recovery certificates after Covid-19 and FY 2022-23 has contributed approximately 33 per cent since 2018. By resolving more than 1,200 cases through the Conciliation Forum, properties worth about Rs 485 crore have been made dispute free," he said.

Kumar noted that "almost 75 per cent" requests of order execution received from consumers "have been addressed successfully" and in 2022-23, Rs 394.26 crore collected from district administrations against issued recovery certificates across the state and Rs 353.37 crore transferred to homebuyers as per the procedure.

Uttar Pradesh, currently, has around 3,400 group housing projects registered with the UP RERA. Of these, the maximum projects are in Gautam Buddh Nagar (945), followed by Lucknow (702), Ghaziabad (418), Agra (184), Meerut (148), Varanasi (128), Kanpur (124) and Prayagraj (113), according to the statement.

During the 125th meeting of the RERA, Kumar also inaugurated a coffee-table book chronicling the authority's journey since 2018 and its achievements.