A joint agreement undersigned by the buyers’ association of Knights Court and JAL has been presented to UP-Rera and the regulator is all set to award the construction following formal approval by the Noida Authority. The Authority is likely to take it up for discussion this week.
UP-Rera confirmed that Knights Court has 312 flats, which would require Rs 145 crore for construction. JAL has offered Rs 12 crore for initial funding and the recoverable amount from buyers is Rs 103 crore. The remaining Rs 30 crore and any other expense will be borne by JAL that will be coming on board as a contractor for the project in a similar manner as with Kalypso Court.
The completion time of the flats in Knights Court will be 12 to 15 months. The project will be supervised by a monitoring committee of buyers, UP-Rera representatives and Noida Authority officials. The construction fund would be put together in an escrow account.
“We have approved the proposal and the project will be awarded following a nod from the Noida Authority. There are four more projects stuck in Noida that will be awarded to buyers for construction in a similar manner,” Balvinder Kumar, UP-Rera member told TOI. The proposal is expected to be presented with the Noida board this week.
A Rera official told TOI, “The initial fund will be invested by JAL and then buyers’ dues will be collected thereafter. The condition is that any expense over and above the estimate for completion of the project will have to be borne by the builder. Also, the basis of this contract emphasises that at no cost can work stop at any point and the project will have to be delivered on time.” The projects at Wish Town under JAL include Kalypso Court, Knights Court, Imperial, Pavillion Court and Pavillion Heights. All projects were delivered except Kalypso and Knights Court, for which the buyers themselves have now taken charge.