In a recent revelation, Over 100 real estate projects in Noida, Greater Noida, and Ghaziabad do not have sanctioned maps and are currently working sans valid RERA registration. Also, there are many who have been charged by the Noida authority on account of illegal advertising.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has identified over 100 housing projects in Noida, Greater Noida and Ghaziabad that are functioning without required approvals. The developers of such projects do not have sufficient funds to pay the dues to industrial authorities. Resultantly, their plans are not getting reviewed and stamped by the concerned authority. Moreover, the Uttar Pradesh regulatory authority is not renewing their registrations due to which the builders are unable to secure loans to pay off the government debts. Liquidity issues faced by the builders has impacted buyers in large numbers across the State as construction works have come to a grinding halt.
In another major revelation, the Noida authority has fined 13 real estate developers of Rs 3.18 crore on account of illegal advertising. The list of developers charged by the authority includes prominent names, such as ATS, Tribeca, Godrej, Alpha, and Gulshan Tata among others.
The fine has been imposed after several complaints on illegal advertising followed by an inspection carried out by the authority in Sector 150.