NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has paid ₹73.84 lakh in interest across around 430 complaints where money recovered through recovery certificates remained in bank accounts pending payment to complainants.
The total interest paid so far stands at ₹73,84,269.03, the authority said.
UP-RERA issues recovery certificates against promoters or builders after passing orders in complaints. The amounts are subsequently recovered through the Revenue Department and kept in bank accounts for payment to the concerned complainants.
In some cases, disbursement gets delayed because complainants have not submitted required documents, including affidavits. During this period, the recovered amount continues to remain deposited with the bank and earns interest. UP-RERA said it has decided to pass on such interest to eligible complainants.
The interest is calculated on the basis of the actual period for which the recovered amount remained pending in the bank before disbursement.
Sanjay Bhoosreddy, chairman, UP-RERA, said the move is aimed at protecting the financial interests of complainants and ensuring transparent handling of recovered funds.
He said the authority is working to ensure that amounts recovered through recovery certificates are paid to complainants in a timely manner and that eligible complainants also receive the interest accrued during the intervening period.
