UP-RERA to auction unsold flats of defaulting builders

In a major relief to lakhs of aggrieved buyers who are forced to wait for possession of their homes for years, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has decided to auction unsold flats of defaulting builders to pay back investors seeking refund in delayed housing projects. While Rera benches have taken several steps against defaulting builders across the country, this is perhaps the first time that such a move has been announced in India under the new real estate law. Officials said UP-Rera will soon float a portal for the global e-auction of unsold properties of cash-strapped builders who have been issued recovery notes. A recovery note is a notice sent by Rera that seeks a refund of money owed by homebuyers.