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[부동산] 채무불이행 건축업자의 아파트 경매하여 투자자들에게 환불조치 To refund home buyers, Rera to auction unsold flats of defaulting builders
[INDIA REAL ESTATE NEWS] Good morning, everyone. Here I have important
INDIA REAL ESTATE news to share with you which is as mentioned under.

NOIDA: 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.

“When a buyer approaches UP-Rera to seek a refund on their investment,
we issue an order for a refund and the district administration is sent a recovery note to
collect the money from the defaulting builder. But because most of the builders
are cash-strapped, the notes are not honoured,” Balwinder Kumar, member of
UP-Rera, told TOI.

“None of the 660 recovery notes sent to the builders through the district
administration in Gautam Budh Nagar has been honoured by the defaulters.
So, we have now decided to auction unsold inventories of such builders to return
the money to the aggrieved buyers stuck in delayed projects, should they want it back,”
he added. With this move, all builders against whom buyers have moved
UP-Rera stand to lose their unsold inventory for refunding buyers who want to exit
the delayed projects.

“There are two kinds of refunds — one where a builder has not been able to
deliver the flat and the buyer wants to exit the project. The other one is where the
builder has promised penalties for delay but has not paid any late fine to buyers.
In both the cases, the money accrued from the auction will be used,” Kumar said.

Homebuyers have welcomed the decision by UP-Rera. “This would prove hugely
beneficial for such buyers who do not want to stay invested
in a delayed project,” said Abhishek Kumar, president, Noida Extension
Flat Owners Welfare Association (Nefowa).

However, lawyer Kumar Mihir said, “Though UP-Rera has full authority to initiate
such an auction, the auction of these unsold flats will only be successful
if the reserved price is lower than the market price listed by the builder.”
“Secondly, the auction method can destabilise the market prices of apartments
in the vicinity and the builders may object to this order. The reserve price can only
be set after UP-Rera appoints a valuer for these unsold inventories. Anyway,
the auction will not affect banks as banks fund full projects and buyers get bank
loans for individual units.”

Read more at: https://economictimes.indiatimes.com/wealth/real-estate/to-refund-home-buyers-rera-to-auction-unsold-flats-of-defaulting-builders/articleshow/71214360.cms
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