Following Lucknow at the top of the list of projects given up are Varanasi and Gautam Buddha Nagar.

Over the past three years, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has deregistered up to 55 real estate projects around the state, according to authorities, who cited a lack of demand and a lack of funding as the likely causes.

According to UPRERA authorities, at least two requests to remove a project’s registration are presently pending with the regulator.

According to data released by UPRERA, Lucknow has the most deregistered projects, with 12 projects being handed over. Then there were eight each in Varanasi and Gautam Buddha Nagar.

Each of the districts of Ghaziabad, Prayagraj, Agra, Meerut, and Mathura had three projects, while Muzaffarnagar, Chaundali, and Barabanki each had two projects. Kanpur City, Gorakhpur, Bareilly, Moradabad, Unnao, and Amroha each had one project.

According to a UPRERA representative, Muzaffarnagar submitted the first request to cancel a project’s registration, and the request was granted in July 2020.

Unviable projects

According to a UPRERA official on condition of anonymity, “Since July 2020, as many as 55 projects have been deregistered upon request by promotors across 17 districts of the state.” “Artha Infratech was the most recent project to receive approval for withdrawal of registration, and the authority approved the request in March 2023.”

Two project promoters in Ghaziabad and Lucknow, according to the official, have applied to surrender their projects. In Ghaziabad’s Crossings Republik township, one of them, Mahagun (India), has asked to give up the Mahagun Mascot Phase-II project. The application of Mahagun is being examined.

The official stated, “It is in the process.”

The promoters of Artha Infratech and Mahagun didn’t respond right away.

According to officials, there may not be enough demand for real estate in the area, sales may not have occurred as expected, or there may not be enough money to finish the project.

Promoters can only abandon their projects after paying off all outstanding debts and claims from investors and homebuyers, according to UPRERA officials.

Promoters have the option to deregister or surrender projects under the Real Estate (Regulation and Development) Act if they are not financially viable. In addition to publishing a public notice for investors and homebuyers who reserved flats in the project to submit their claims so they can be cleared, the promoter must submit a formal request to relinquish the property.

Officials stated that the process advances to the next stage if no claim is submitted within the allotted period. The procedure makes sure that everyone’s interests are protected, notably those of homebuyers.

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