Construction work of Jaypee Greens Knight Court resumes – ET RealEstate

NEW DELHI: More than 300 homebuyers of the project Jaypee Greens Knight Court of Jaiprakash Associates (JAL) will have a sigh of relief now as finally the construction work at the site of their project has resumed.

The total cost of completing the remaining work of this project comes to Rs. 145.5 crore out of which Rs. 40.85 crore will be contributed by the promoter and Rs 103.35 crore by the allottees.

The project will be completed now within 15 months which had been stalled since the year 2014 and the registration date of the project had lapsed in December 2020. The project is a multi-tower group housing development project located in Sector 128, Noida, district Gautam Buddh Nagar has eight towers and there are 310 allottees. Not more than 60% of the project work had been completed before it got stalled for a variety of reasons.

Rajive Kumar, chairman, UP-RERA said, “The Authority is hopeful that many stalled projects will be completed under this win-win partnership for both homebuyers and promoters.”

Earlier on January 29, 2021 the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) had ordered the promoter with the consent of the association of allottees of the project to undertake the completion of the remaining development to protect the interests of the allottees.

“Authority is in frequent touch with promoters and allottees of such projects. They may approach the Authority for guidance and working out an appropriate mechanism for their completion of such projects,” said Balvinder Kumar, member, UP-RERA.

The Authority has decided to closely monitor the progress of this project through the ‘Project Advisory and Monitoring Committee’ established under the chairmanship of Kumar with CEO NOIDA, Finance Controller, Technical Advisor, NCR Conciliation Consultant, Consultant Project Management Division, concerned Bank/Financial Institution and the AOA as members. The committee will review the progress on monthly basis and report to the authority.

UP-RERA has undertaken close technical and financial study of such projects which are delayed or stalled for any reason and has been continuously exploring the possibility and devising an appropriate model to facilitate completion of such projects by taking both the promoter and the allottees on-board.



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UP-RERA allows JAL to complete Jaypee Greens Knight Court with buyers’ support – ET RealEstate

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has allowed Jaiprakash Associates (JAL) to complete the long-stalled work of the project Jaypee Greens Knight Court in co-operation with Association of Allottees namely, ‘Knight Court Social Welfare Association’ within 15 months.

The total cost of completing the remaining work of this project comes to Rs 145.5 crore out of which Rs. 40.85 crore will be contributed by the promoter and Rs 103.35 crore by the allottees. The promoter will contribute Rs 10 crore upfront within two weeks and start the project within 15 days of this order.

The project had been stalled since 2014 and registration date of the project had lapsed in December 2020. The project has 8 towers and there are 310 allottees. Not more than 60% of the project work had been completed before it got stalled for a variety of reasons.

Rajive Kumar, chairman, UP-RERA said that “The authority is very serious about its mandate for facilitating the completion of the projects and delivery of houses to the homebuyers. The authority is continuously monitoring the progress of projects registered with it and has established a Project Management Division (PMD) in its NCR office which is manned by experienced professionals.”

The authority has also established a project monitoring committee under Balvinder Kumar assisted by the PMD and the conciliation consultant R.D. Paliwal along with with CEO NOIDA, finance controller, technical advisor, concerned bank/financial institution and the AOA as members.

The committee will review the progress on monthly basis and report to the authority.

Kumar further stated that the authority has undertaken close technical and financial study of such projects which are delayed or stalled for any reason and has been continuously exploring the possibility and devising an appropriate model to facilitate completion of such projects by taking both the promoter and the allottees on-board.

The authority is rigorously pursuing this approach especially in such cases where the registration has already been lapsed. It further proposes to expedite the redemption activity for revival of about a dozen delayed or stalled projects in very near future.

Previously the authority had instituted a co-operative model to complete the Kalypso Court Project of Jaypee Associates and the association of allottees of the Sampada Livia project to complete the remaining work of this project.



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Noida: Buyers of Wish Town’s Knights Court to oversee flats’ completion – ET RealEstate

NOIDA: The homebuyers of Wish Town’s Knights Court project are set to take charge of the completion of their flats after a series of negotiations with Jaiprakash Associates Limited (JAL).

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.



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For Jaypee home buyers, wait for court order may get longer – ET RealEstate

NOIDA: For some 17,000 homebuyers of Jaypee Wish Town, the wait for a resolution might stretch into 2021 as the courts are set to close for winter break next week.

“Over the past few days, we have been discussing this issue at video conferences. In its October 8 hearing, the Supreme Court had reserved its judgment. Now that the courts are closing for winter break next week, the pending issue of construction of the remaining flats will only be resolved in 2021,” said Ashish Mohan Gupta, a buyer.

Jayshree Swaminathan, another buyer, said, “Since our case has been heard by the Supreme Court, we are sure of an order. We hope it comes in December as only a week is left for the court to close for winter break. It has been a very long wait for the buyers and 2021 will be a decisive year.”

Of the 30,000 total flats in Wish Town, 17,756 are yet to be completed, according to NBCC. Of these pending flats, there are 656 in Aman, Garden Isles has 2,945 flats, Kasa Isles 1,871, Kensington Boulevard 3,372, Klassic 1,371, Krescent Homes 2,585 flats, and so on.

Of the 250 towers in Wish Town, construction of 110 towers is over. A total of 94 towers is almost 70% ready. In another 10 towers, the construction status is between 70%-90%. There are 6 towers where 90% of the construction has been done. Among the entire lot, there is only one tower where work is yet to start.

“The long-drawn insolvency process has tested our patience. It seems 2020 is leaving us empty-handed and 2021 is when we will finally know our fate,” Gupta said.



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