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UP RERA mediation helps restart housing project in Ghaziabad
Spring View Heights is the 12th project in UP that missed its completion deadline and is now being revived
The UP Real Estate Regulatory Authority (UP RERA) has succeeded in restarting a stalled housing project by resolving the issues of its developer and allottees. The Spring View Heights project is the 12th in the series of big housing projects in Uttar Pradesh that missed its completion deadline and is now being revived.
The project launched in Ghaziabad in 2013 was to be completed in April this year. However, only 70 percent of the project could be completed by the set deadline. The regulatory authority has accepted the completion plan of promoter M/s Sare Saamag Realty Pvt Ltd.
The completion of project will be executed under the chairmanship of one member of the UP RERA, vice chairman of Ghaziabad Development Authority and specially appointed construction consultants, technical advisors and project management division of the UP RERA. Out of 660 units under six towers of the project, 511 units have already been sold and 149 units are unsold.
According to UP RERA, ₹165.05 crore will be raised from the project which includes ₹99.53 crore from the existing allottees and ₹65.52 crore from sale of unsold units. “The estimated cost to complete the project is approximately ₹107 crore and so the project is viable one and can be completed by the promoter with the consent of the allottees,” said UP RERA officials. The developer will have to deposit ₹8 crore by March 14 in a separate account that will be opened for this project. All financial transactions will be executed from this bank account.
Rajive Kumar, chairman, UP RERA said,: ““We are striving to protect interests of all stakeholders of stuck projects, especially allottees. Spring View Heights is the 12th project wherein the remaining development work is sought to be completed by the promoter and allottees.”
He added that at present 10 projects in Gautam Buddh Nagar and Ghaziabad and one in Lucknow were being rehabilitated through promoters or the association of allottees. “Completion of 12 projects in Uttar Pradesh is probably the first initiative of its kind by any state in the country under the provisions of the RERA Act,” Kumar said.
Rehabilitation of such stuck projects will protect the interests of home buyers and boost the confidence of stakeholders in the real estate sector of Uttar Pradesh.
