UP RERA directs buyers of five builders to file claim with IRP

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has instructed buyers affected by the insolvency of five builders to submit their claims to the Insolvency Resolution Professional (IRP). This directive is part of an effort to address the financial issues plaguing these real estate projects and ensure that buyers can recover their investments. The insolvency process will impact the project completion timelines and refund mechanisms, emphasizing the importance of regulatory oversight and consumer protection in the real estate sector.