E-Paper
Uttar Pradesh RERA restarts 14th housing project
The regulatory authority took the decision after the consent of more than 95 per cent of members of the association of allottees of the Utopia Estate.
The U.P. Real Estate Regulatory Authority (U.P. RERA) has succeeded in kick-starting the 14th housing project, which could not be completed within the registration period. Now, after the intervention of the U.P. RERA, the remaining development work of the Utopia Estate housing project in Ghaziabad will be completed by December 2023, under the supervision of a project management committee.
“Our prime objective is to protect the interests of all stakeholders of stuck projects, especially allottees. This is the 14th project where the remaining development work will be completed by the promoter,” said Rajive Kumar, chairman, U.P. RERA.
We are trying to restart some more stuck projects, Kumar added.
The regulatory authority took the decision after the consent of more than 95 per cent of members of the association of allottees of the Utopia Estate.
Sai Adhiraj Land and Promoters Pvt Ltd launched the project in April 2016, and it was to be completed by March 28, 2022. But only 40 per cent of the project could be completed within this period.
In its report, the project management committee of the U.P. RERA pointed out that ₹65 crore could be raised from 136 unsold units of the project, ₹8.14 crore was due from existing allottees, and ₹4.14 crore could be raised through the sale of parking area as per the norm.
The regulatory authority has also imposed strict conditions on the promoter to ensure the timely completion of the project.
The project will be monitored by the project advisory and monitoring committee headed by a member of the U.P. RERA.
Other members of the committee will include the vice-chairman of the Ghaziabad Development Authority (GDA), conciliation consultants, finance controller, technical advisor, specially appointed construction consultants and project management division of the U.P. RERA and association of allottees.
The regulatory authority will also appoint a third-party construction consultant to monitor the physical and financial progress of the project.
It was also decided that no allottee will be allowed to withdraw from the project till its completion. At present, 13 projects in Gautam Buddha Nagar and Ghaziabad and one project in Lucknow are being completed due to U.P. RERA’s initiative.
