UP Real Estate Regulator's Conciliation Forum Resolves Disputes Worth Rs 570 Crore

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The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has emerged as a pivotal player in resolving disputes within the real estate sector, with its conciliation forum facilitating the resolution of assets valued at over Rs 570 crore. Since its establishment in February 2019, the UPRERA conciliation forum has successfully mediated over 73 percent of the 1,930 complaints it received between February 2019 and December 2023.

The primary objective of the UPRERA conciliation forum is to resolve disputes between buyers and promoters before resorting to formal arbitration before a judicial body. This approach not only expedites the resolution process but also fosters a collaborative environment conducive to amicable settlements.

According to UPRERA's standard operating procedure (SOP) for filing a complaint, the conciliation forum serves as the initial option for complainants, highlighting its significance in the dispute resolution framework.

During the aforementioned period, more than 1,400 cases of disputes were settled amicably through mutual consent at the UPRERA NCR conciliation forum alone. Notably, approximately 70 percent of the resolved properties are residential in nature, reflecting the forum's impact on addressing issues affecting homebuyers.

Despite the substantial progress made, a fraction of cases, approximately 180 out of 1,900, were transferred to the bench for further hearing, while around 350 complaints are still under trial at the conciliation forum. This underscores the ongoing efforts and commitment of UPRERA towards ensuring equitable and efficient resolution mechanisms.

The forum operates by bringing together representatives from homebuyers' associations and promoters' associations such as CREDAI NCR and CREDAI Western UP. This collaborative approach fosters transparency, accountability, and mutual understanding, essential elements in resolving complex disputes within the real estate sector.

Sanjay Bhoosreddy, chairman of UPRERA, emphasized the significance of the conciliation forum in providing a platform for both parties to engage in constructive dialogue and reach consensus on contentious issues. Furthermore, Dinesh Gupta, secretary of CREDAI Western UP, highlighted the success achieved through the collaborative efforts of stakeholders in resolving disputes.

In addition to its role in dispute resolution, UPRERA has been proactive in deregistering real estate projects and issuing recovery certificates, signaling its commitment to ensuring compliance and accountability within the sector.

The UPRERA conciliation forum stands as a beacon of hope for resolving disputes within the real estate sector in Uttar Pradesh. Its success in facilitating mutually beneficial solutions underscores the importance of alternative dispute resolution mechanisms in fostering trust and confidence among stakeholders.

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