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.