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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