Yogi Adityanath sends big warning to real estate developers, says give possession or face harsh action

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In a big move, Uttar Pradesh Chief Minister Yogi Adityanath on Sunday warned builders to provide timely possession to the buyers.  Speaking at the ‘UP Ahead Conclave’, organised by CREDAI in Lucknow,  Adityanath said that it was imperative for builders to win the trust of the people, adding, that the real estate sector was facing the “challenge” of meeting buyers’ expectations. “Trust is the base of any business. There are immense business opportunities in the state. But for success, it is imperative that the people repose their trust in the trade and the trader. Currently, the real estate business is facing the challenge of meeting the expectations of the people,” Adityanath said. CM Adityanath added that over the last four months, Uttar Pradesh government had sensed a problem between the builders and buyers. “The biggest problem is the projects left midway. This is being reported from Noida and Greater Noida. Almost 1.5 lakh buyers did not get the possession of housing units even after paying the money. This has raised questions about the credibility of the real estate sector,” he added.

The chief minister asserted that albeit some builders had shown a positive attitude, and agreed on a time-frame for handing over the possession of housing units, the problem still persists. “If talks fail to solve the problem, the government will be forced to take harsh decisions. I appeal to everyone to ensure that such an unpleasant situation does not arise,” he added.  Adityanath further said that UP government is committed to Prime Minister Narendra Modi’s ‘Housing for All by 2022’ mission and is aiming to construct the maximum number of houses. The Chief Minister further added that his government had implemented the Real Estate (Regulation and Development) Act (RERA) in the state, which had provisions for online registration, and added that a web portal in this regard would be launched on July 26.

SOURCE: http://www.financialexpress.com/india-news/yogi-adityanath-sends-big-warning-to-real-estate-developers-says-give-possession-or-face-harsh-action/776202/

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