UP RERA deregisters Rs 1,500-cr project over financial irregularities, fund diversion

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) Friday said it has deregistered a private firm's project valued at Rs 1,500 crore here over severe financial irregularities, diversion and siphoning off funds besides double allotment.

In a first-of-its-kind order by RERA across states, the UP RERA on Thursday deregistered Unnati Fortune Holdings Ltd, project Aranya Phase 3, 4 and 5 in Sector 119, it said in a statement.

"The process after deregistration will commence in consultation with the state government," it said, adding the decision was taken after the promoter could not provide a satisfactory response to the deregistration notices before it.

"RERA has found that in the project there have been severe financial irregularities, diversion and siphoning off funds and double allotment," the authority said.

It said the project, valued at over Rs 1,500 crore, is spread over 72,594 sq metres and was started in 2007 but when an inspection team of RERA went to the site it found