UP RERA or Real Estate Regulation Authority has de-registered a housing project called The Aranya in Sector 119, Noida of Unnati Fortune Holding Ltd and had asked the banks to freeze the accounts of these projects. The real estate company has bank accounts in 4 banks in Noida and Ghaziabad areas that have been sent notices for account attachment. The company’s projects in Phase 3, 4 & 5 were de-registered after it was found that the builder could not complete the projects after starting it in the year 2007.
Close to Rs 1,500 crores of homebuyers’ money is stuck in Unnati’s projects. UP RERA is now contemplating to hand over the project to some other promoter who could complete the project ad hand it over to buyers. The builder has been put in the list of defaulters.
–Durgesh Singh, delhincrnews.in reporter