Real estate sector's credibility at stake, govt will be forced to take harsh decisions: UP CM

Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath on Sunday told businessmen that it was imperative to win the trust of the people and said the real estate sector was facing the "challenge" of meeting their expectations.

"Trust is the base of any business. There are immense business opportunities in the state. But for success, it is imperative that the people repose their trust in the trade and the trader. Currently, the real estate business is facing the challenge of meeting the expectations of the people," he said at the 'UP Ahead Conclave', organised by CREDAI, here.

Adityanath said that over the last four months, his government had sensed a problem between the builders and buyers.

"The biggest problem is the projects left midway. This is being reported from Noida and Greater Noida. Almost 1.5 lakh buyers did not get the possession of housing units even after paying the money. This has raised questions on the credibility of the real estate sector," he added.

Adityanath said following the efforts of the government, some builders had shown a positive attitude and decided on a time-frame for handing over the possession of housing units to the buyers, while others were yet to do so.

"If talks fail to solve the problem, the government will be forced to take harsh decisions. I appeal to everyone to ensure that such an unpleasant situation does not arise," he added.

The chief minister said his government aimed to construct the maximum number of houses, keeping in mind Prime Minister Narendra Modi's 'Housing for All by 2022' mission.

He said the government had implemented the Real Estate (Regulation and Development) Act (RERA) in the state, which had provisions for online registration, and added that a web portal in this regard would be launched on July 26.