GREATER NOIDA: YEIDA is expected to launch a scheme on Tuesday to cater to the demands of entrepreneurs and industrialists. Besides, a residential plot scheme is also on the cards and could be floated within the next few days.
Officials said that layout and number of plots that will be offered have been finalised. “We were waiting for the Rera registration number to be generated. The scheme will be launched as soon as the registration process and formalities get complete,” said an officer of the authority explaining the reason behind the delay in launch of the scheme.
The industrial scheme will remain open till March 22 and a draw will take place in April, officials said. Officials added that link to apply to the two schemes will be available on the authority’s website.
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.
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.
NEW DELHI: Construction of Jaiprakash Associates‘ (JAL) Jaypee Kalypso Court (Phase – II) resumed on Saturday under the Uttar Pradesh Real Estate Regulatory Authority’s (UP-RERA) new ‘rehabilitation model’ where buyers and promoters work together towards the completion of the project.
“UP-RERA has been successful in implementing this approach to resolve the disputes and revive a stalled project. The project ‘Jaypee Kalypso Court’ of JAL is the first such project in U.P. RERA that has passed through this approach and the promoter has now commenced construction work in the project from today,” said Rajive Kumar, chairman, UP-RERA.
Under the new joint development devised by the authority, the promoter continues to be responsible for completing the project and delivering on its obligations, while the homebuyers through their collective are responsible to ensure the payments made by them are being deployed only on the project.
The authority will review the progress of the project on a quarterly basis. Further, a Chartered Account shall be appointed for the concurrent audit of the project to completion. The authority on its website will shift the project to the special category of projects under rehabilitation as per the provisions of Section 8 of the RERA Act.
In July 2020, the authority had authorized JAL with the consent of the Progressive Welfare Society (Association of Allottees) of the project to undertake the completion of the remaining development of the project.
In all, 274 units out of the total 304 sanctioned units in the towers 7, 8, 11, 12 have been sold and 30 units are yet to be sold. On its part JAL committed to infuse Rs 45 crore into the project and will complete the project in about 12-15 months from the date of starting work in the four towers in line with the Pert Chart.
Balvinder Kumar, member, UP-RERA said, the authority is hoping that many more stalled projects can be completed if the AoA and promoter can mutually work together under this model towards the completion of the project”.
Based on the audit done by Currie & Brown, it was reported that 40 projects of Gautam Buddh Nagar district have been found as net positive surplus and are viable for completing the projects under this model in the future.
The authority is planning to extend this approach to various other projects in the state where the projects are stalled either due an impasse between the promoter and the homebuyers or the completion date as declared by the promoter has lapsed including the one-year extension permissible under section 6 of the RERA Act.