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Festival City on Noida expressway: UP RERA takes up another incomplete housing project
The UP RERA has shared a link (www.up-rera.in) on its website, where allottees of the project could submit their details to prove their allotment.
The UP Real Estate Regulatory Authority (UPRERA) has initiated the process to collect actual data of allottees of the Festival City Housing Project on the Noida Expressway. The move is aimed at reviving the project that was left incomplete by the promoter.
The UP RERA has shared a link (www.up-rera.in) on its website, where allottees of the project could submit their details to prove their allotment.
The regulatory authority took the step after promoter and developer M/s Mist Direct Sales Pvt Ltd, that stopped construction work completely, did not provide details of allottees to the regulatory body. Left in a lurch, the homebuyers had approached UP RERA with a proposal to complete the project, the regulatory authority said on Thursday.
After the data is collated, UP RERA would calculate funds to be collected from the existing allottees of the sold units and an estimated amount that could be raised from the sale of unsold units. This fund will be used to complete the project.
The RERA would also calculate an estimated project completion cost.
According to the UP RERA, an association of allottees willing to complete the project has approached the regulatory authority and has tabled a proposal to complete the project.
The UP RERA has undertaken several housing projects that were left midway by promoters.
