Page 18 - Banking Finance August 2017

HOUSING

HOUSING

NEWS
NEWS
NEWS
NEWS
NEWS

DDA housing scheme re- Buyers requests government to correct the definition
ceives 5,000 applications of 'ongoing projects'

Delhi Development Authority has re- The promoters have heaved a sigh of relief after the launch of the UP-Rera
ceived around website, which would help them to immediately
5,000 applica- get a registration number, to start promoting their
tions for its pro- projects. However the buyers' have expressed dis-
posed new hous- satisfaction with the current form of RERA, where
ing scheme. As it has been notified as per the UP adaptation of
per senior offi- the Central Govt RERA.
cials the low turnout for application
may be a result of demonetisation. The buyers approached local MLA to seek a review
of the Act as notified in the state. The MLA has assured the buyers over a call
The 2017 Housing Scheme of DDA, that the matter will be taken up at the cabinet level.
offers 12,000 flats for four income
categories. Scheme was launched on Though the UP RERA website has placed the original Act as passed by the Par-
June 30. The last date for submitting liament in March 2016, the notification mentioned on the site is that of October
applications is August 11. 2016 - the format where the definition of 'ongoing projects' has been altered to
leave out a huge number of builders from the ambit of RERA.
"We held a meeting with our
partnering banks. Though the full de- As per the notification, an ongoing project is a project where development is
tails across different categories, we going on, for which completion has not been issued. This excludes projects where
are yet to receive, I can say that at services have been handed over to local authority for maintenance and com-
this point of time, about 5,000 appli- mon areas have been handed over to RWA. All development has been completed
cations have been received," DDA's and sale-lease deeds of 60% of the project have been completed. Documents
Principal Commissioner (Housing), J P have been submitted with local authority as application for completion.
Agarwal told. Agarwal added that
the housing authority will make ev- By this logic a major chunk of 82 builder projects of Noida Greater Noida was
ery possible efforts to address all exempted from the RERA. However, for those towers of a project which are
concomitant issues, including water incomplete, where construction is going on and for which completion has not
supply and transportation. been applied for or issued, RERA would continue to apply.
"Yes, some areas like Narela, Rohini, "Huge numbers of application for completion have been made over last one month
have connectivity issues, and some of in Noida and Greater Noida authorities. This easily means that a large number of
flats need repair, but before allotting ongoing apartments would fail to reap the benefit of RERA as these projects would
the flats, we will make them fit to not be legally required to register. This leaves the buyers in a compromised state,"
move in as well," he said. Rashesh Purohit, founder, NCR homebuyers association, told.

18 | 2017 | AUGUST | BANKING FINANCE

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