Many homebuyers struggle to receive refunds, a relief promised by UP-Rera.
Since 2018, only 5% of RCs granted by the real estate ombudsman have been recouped
Section 40 (1) of the UP Rera Act and Rule 23 of the UP-Rera Rules are the two provisions under which RCs are issued.
According to Rera officials, the execution of RCs increased after the pandemic.
The Noida government recovered Rs. 196 crore this year.
RCs are also settled by the developer and the home buyer agreeing upon a solution.
The Rera has distributed over 8,800 RCs totaling about Rs 2400 crore.