Monday, July 22, 2024

UP Real Estate Regulator’s Conciliation Forum Resolves Disputes Worth Rs 570 Crore

Between February 2019 and December 2023, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) successfully resolved disputes worth over Rs 570 crore through its conciliation forum, according to officials familiar with the matter.

During this period, the authority managed to address over 73 percent of complaints received through its conciliation forum, with approximately 1,930 complaints being transferred to the forum for resolution.

Established in February 2019, UPRERA’s conciliation forum serves as a platform to settle disputes between buyers and promoters before resorting to formal arbitration. As per UPRERA’s standard operating procedure (SOP) for complaint filing, the conciliation forum is the primary option offered to complainants.

“Since the inception of the conciliation forum in February 2019 until December 2023, over 1,400 dispute cases were amicably settled by mutual consent at the UPRERA NCR conciliation forum, leading to assets worth around Rs 570 crore being declared dispute-free,” stated a UPRERA official, speaking on condition of anonymity.

The official mentioned that approximately 70 percent of the resolved properties are residential.

Out of the total 1,900 cases, 180 were transferred to the bench for hearing, while 350 complaints are still undergoing trial at the conciliation forum.

How does the forum operate?

Many complaints lodged under the Real Estate (Regulation and Development) Act, 2016, pertain to delays in property possession, discrepancies in demand calculation, determination of parking space, and maintenance charges.

The conciliation forum serves as a proactive measure to minimize litigation and streamline dispute resolution processes by bringing together representatives from homebuyers’ and promoters’ associations, such as CREDAI NCR and CREDAI Western UP.

Sanjay Bhoosreddy, chairman of UPRERA, explained, “Both promoters and allottees can opt for the conciliation forum for mutual settlement of issues. The forum facilitates mediation by a conciliator in collaboration with representatives of homebuyers and promoters, who collectively endeavor to reach a mutual resolution.”

Dinesh Gupta, secretary of CREDAI Western UP, expressed success in resolving most cases through the UPRERA conciliation forum, thanks to collaboration with CREDAI members, RERA officials, and homebuyers’ representatives.

“In the conciliation forum, each party is given ample time to express their concerns, which are then reviewed and analyzed by the RERA conciliator, along with representatives of homebuyers and builders. The matter is ultimately resolved through consensus, accepted by both parties,” Gupta stated, emphasizing similar efforts with local authorities for speedy dispute resolution.

Related Articles

Latest Articles