If buyers want Jaypee Knights Court can also be completed under supervision: RD Paliwal, UP-RERA – ET RealEstate

NOIDA: After Kalypso Court, which will now be completed by the developer under the supervision of investors, the Uttar Pradesh Real Estate Regulatory Authority (UP- Rera) may provide a similar solution for the completion of Knights Court, another Jaypee project in Sector 128, if the homebuyers agree.

JAL has a handful of projects at Wish Town, including Kalypso Court, Knights Court, Imperial, Pavillion Court and Pavillion Heights. Knights Court and Kalypso are the only incomplete projects. On Wednesday, the UP-Rera finally gave a go-ahead to the Jaypee Group to complete the 304 pending flats at Kalypso and had also asked the developer to make an upfront payment of Rs 12 crore in a separate account as a commitment.

β€œThe construction will start soon. If this arrangement works smoothly, we can offer a similar solution for Knights Court, but there has to be a consensus among buyers for such a demand. So far, there is only a discussion on the issue,” said RD Paliwal, conciliator at UP-Rera.

The construction work at Kalypso Court started in January 2008. Of the 15 towers, four towers having 304 units are incomplete. The completion date lapsed on July 1, 2018.

Progressive Welfare Society, an association of allottees with 152 members, had approached UP-Rera with a request to facilitate the remaining development of their allotted units at Kalypso. The total cost of completion of the remaining flats is pegged at Rs 103cr.

After JAL agreed to contribute Rs 45 crore for the project, the UP-Rera gave its nod to the completion of the 304 flats and also set up a committee for monitoring of the project.



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