In a letter to the finance minister, the industry body underscored the terrible market condition and requested policy decisions that would help revive the real estate sector.
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NOIDA: The National Real Estate Development Council (Naredco) has sent a list of suggestions to UP-Rera’s office upholding UP Apartment Promotion of Construction Ownership and Maintenance Act, 2010 and endorse its bylaws on handover of flats to apartment owners’ associations (AOA) after residents move into their flats.
The letter has clarified some liabilities of the promoters post-completion of projects and during the transition of the properties from builders to buyers until formation of the AOAs.
“There was some discordance between the UP-Rera norms on maintenance and what is stated by the UP Apartment Act. So, we clarified these points with UP-Rera through a written letter highlighting some points,” R K Arora, the chairman of UP Naredco said.