UPRERA to freeze bank accounts of promoters evading review meetings of lapsed projects

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Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has warned of strict action against promoters who remain absent from review meetings of lapsed real estate projects. The bank accounts of these promoters could soon be frozen and sales and purchases prohibited in such projects, the Authority said.

UPRERA noted that in future the registration of new projects of such promoters may also be completely barred.

The Authority has issued warning against seven promoters with projects in Lucknow, Kanpur, Varanasi, Prayagraj, Mathura and Firozabad.

According to a UPRERA statement, the developers who have remained continuously absent from the review meetings of lapsed projects include Rudraksh Developers Private Limited, Skynet Infraventures Private Limited, SNG Developers Limited, Vaibhav Vision Builders and Developers Private Limited, Aakar Housing Developers, Aastha Infraprojects and Anand SB Ashiyana.

The statement said that UPRERA has decided to take strict action against these promoters of lapsed real estate projects.

Attempts to obtain comments from these developers on the matter did not yield any result.

The statement quoted Secretary, UPRERA, Rajesh Kumar Tyagi, as saying, “The respective bank accounts of the projects being operated by the promoters, who are regularly absent in the review meetings, can be frozen soon. The project can be ordered to stop the sale and purchase of units. In future, registration of new projects of such promoters may also be completely barred.”

Secretary UPRERA has directed all officers of the Authority to strictly comply with this order.

UPRERA is reviewing projects whose completion date has expired, but so far neither the promoters have reported completion of the projects nor have they applied for an extension of the completion date. Such promoters are being called for a meeting by the Authority, but many of them were absent, Tyagi said in the statement.

The Authority noted that it was mandatory for all promoters of real estate projects to comply with RERA rules. Otherwise, strict action will be taken against them.

The meeting, which took place on March 15, was chaired by Tyagi and attended by Technical Advisor, UPRERA, Subodh Rai, along with members of his junior engineers’ team Abdul Arif and Akash Srivastava.