UP Rera Appoints Cushman & Wakefield as Consultant

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has appointed Cushman & Wakefield to help resolve issues of dues owed by developers and revival of stalled projects in Noida and Greater Noida.

Builders in the state owe an estimated Rs 40,000 crore to the Noida and Greater Noida authorities and the Yamuna Expressway Industrial Development Authority in the form of premium, interest, and penal interest against plots allotted for real estate projects. Thousands of homebuyers in Noida and Greater Noida have been unable to register their homes because the builders have not paid their dues.

UPRERA chairman Rajive Kumar said that the consultant will carry out an in-depth analysis of the projects in Noida and Greater Noida and come up with possible solutions so that homebuyers can get their houses expeditiously. He said the consultant will submit its report this month, after which UPRERA, in consultation with the state government, would take a decision on the matter.

Non-payment of dues by builders is one of the driving forces behind disputed projects in Noida and Greater Noida. So, both the issues are interlinked and ultimately homebuyers are suffering. This is UPRERA’s initiative to end this logjam. 

An UPRERA official said the consultant has sought representation from the Confederation of Real Estate Developers' Association of India (CREDAI) and the National Real Estate Development Council (NAREDCO) over the issue of clearing pending dues. He said UPRERA officials are likely to meet representatives of developer bodies and officials of the Noida and Greater Noida authorities.