Jaypee Kalypso is first ‘stuck project’ to be completed with UPRERA push

The project is a multi-tower group housing development project and was originally launched in 2010-11. It has eight towers and there are 310 allottees.

Jaypee Greens Kalypso Court has become the state’s first project to reach completion under UPRERA’s initiative to complete stuck projects.

For representation only (HT File Photo)

“After obtaining occupancy certificate (OC) of the last two towers, 11 and 12, Kalypso Court Phase -2 project has become the first project of Uttar Pradesh and the country to achieve completion under provisions of section-8 of RERA Act,” said UPRERA on Friday.

The project is located in JP Wish Town, sector 128, Gautam Buddh Nagar and is promoted by Jaiprakash Associates Limited (JAL).

The project is a multi-tower group housing development project and was originally launched in 2010-11. It has eight towers and there are 310 allottees.

Around 60% of the project was completed before it got stalled due to various reasons in 2014.

“Today is a big day for the entire real estate sector because a stuck project has been completed. The RERA Act was enacted on the backdrop of massive delays in completion of real estate projects and the need for safeguarding the interests of homebuyers,” said Rajive Kumar, chairman, UPRERA.

According to UPRERA, at present 14 such stuck projects are being completed through joint endeavours of the promoter and the allottees.

The Authority has constituted the project advisory and monitoring committee to closely monitor the progress of the project.