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Promoter-buyers can find the best solution: UP RERA Chairman Rajive Kumar

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The best option for starting off stuck projects is for the promoters and the existing buyers working together and coming up with a reasonable solution, according to UP RERA Chairman Rajive Kumar.  

He was responding to a specific query by R&M Editor Palash Roy at the ninth edition of Realty Webseries hosted by Realty & More and ICCPL on July 4. Roy had asked Kumar if there is a roadmap prepared by RERA so that stuck projects are completed and work resumes on track.

which a new investor always faces is about the liabilities which will befall on him in case he makes an investment. This, he said, is one area in which a whole range of contracts can be drawn – from complete ownership transfer, which is provisioned under Section 15, to management contract only. There are various ways by which the contracts can be structured and that flexibility is available.But I think, the best solution is where the promoters and the existing buyers can work together and come up with a reasonable solution”, he opined.

To this Venket Rao, RERA expert and Advisor to UP RERA, added: “A large number of projects are stuck and looking for some kind of exit. There, I think, to bring in investors, and if we are talking about overseas investors, they do require a lot of clarity. So, maybe to that extent, we need to work on the Act”.

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