Panel recommends setting up of RERA in Noida/Greater Noida

New Delhi: A high level committee headed by the Ministry of Housing and Urban Affairs’ Secretary Durga Shanker Mishra has recommended establishing a Real Estate Regulatory Authority (RERA) in Noida or Greater Noida to address the issues of home-buyers in nearby areas including Ghaziabad.

The committee, which was formed by the Uttar Pradesh government in June this year, came out with ten recommendations, one of them being the creation of a stress fund for projects in this part of National Capital Region, an official statement said on Monday.

“Fifth recommendation is related to establishment of one Real Estate Regulatory Authority in Noida or Greater Noida, to redress the issues of home-buyers of Noida, Greater Noida, Ghaziabad and nearby area on a regular basis,” it said.

The committee recommended preparation of a panel of lawyers of RERA to assist the home-buyers in pursuing their cases before RERA Authorities at reasonable fees.

Among other recommendations, it also asked the Reserve Bank of India to issue guidelines to enable banks to fund projects where construction has stalled due to lack of money.