New Delhi: In an unexpected turn of events, ATS Realty Private Limited, registered under UP RERA, has expressed its inability to continue the construction of its residential project ATS Hedges Phase-1 in Greater Noida. The builder has initiated the process to surrender the project’s registration with UP RERA, which was originally registered in the year 2017 and is due to expire in September 2025.
Call for Claims from Investors
Before proceeding with the surrender process, UP RERA has appealed to the project’s investors to present their side within 15 days. The authority will examine the number of claimants coming forward before advancing the surrender process.
Surrender Process Under Scrutiny
The surrender process comes into play when a builder is unable to continue construction or chooses not to proceed for any reason. According to RERA’s Standard Operating Procedure (SOP), during surrender, the project’s promoter is required to settle all liabilities or dues with all stakeholders. This includes homebuyers, development authorities, financial institutions, contractors, and other potential stakeholders. The process ensures that the interests of the homebuyers are not compromised and that the promoter has no outstanding liabilities.
Stakeholders are required to send their claims to UP RERA’s email address [email protected] or to the Secretary of UP RERA at the Lucknow headquarters. Following this, the promoter must resolve all claims and related disputes in the UP RERA court.
This development has raised concerns among the homebuyers who have invested in ATS Hedges Phase-1, as they face uncertainty regarding their investments. UP RERA’s decision on the surrender process is keenly awaited by all parties involved.