Project stuck since ’17, Rera allows promoter to complete flats in 12 mths under its watch

  • | Monday | 2nd October, 2023

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has given its nod to the promoter of Elegant Ville in Techzone 4, Greater Noida West, to complete work on the project, which has remained in limbo for nearly six years, under the rehabilitation clause of Section 8 of the Rera Act.To protect the interests of the allottees of Elegant Ville, the UP-Rera has authorised the original promoter to complete the remaining construction and development work with the consent of a majority of its allottees, said an UP-Rera official. For this, the promoter, M/S Elegant Infracon Private Limited, has collaborated with M/S Floral Realtech Private Limited and presented a rehabilitation plan. According to it, the promoter is supposed to complete all work in the next 12 months and obtain the occupancy certificate (OC), added the official.The move makes Elegant Ville the 18th project in UP considered for rehabilitation so far. The promoter registered Elegant Ville in 2017 and planned to develop it in three phases, but despite repeated extensions, the 761-unit project is incomplete so far. Eleven projects facing possible rehabilitation are in GB Nagar, six in Ghaziabad, and one in Lucknow. Among them, over 8,000 units remain stuck.Based on the site inspection report of Elegant Ville, construction in Phase 1 is 75-78% complete, while Phase 3 and Phase 4 are 74-76% and 60% complete, respectively. Of the 761 units in the project, the developer has sold 686 units, while 75 remain unsold.An estimated amount of Rs 120cr could be raised for the completion of the project, including Rs 66cr from existing allottees and Rs 48cr by selling the remaining unsold units. Floral Realtech will also infuse Rs 6.5cr into the project in the first six months. The estimated cost of completing the project and covering all other expenses is nearly Rs 90.5cr, which makes completing the project financially viable.Jaypee Kalypso Court in Sector 128 in Noida was the first project completed under the watch of UP Rera under Section 8. Two more projects, Jaypee Knight Court in GB Nagar and Vasundhara Grand in Ghaziabad, have been completed since. Over 800 homebuyers will get their OCs in these three projects, said the UP-Rera official.Meanwhile, construction is ongoing at 13 other project sites approved for rehabilitation. The 13 projects are in different stages of construction under UP Reras watch, said the official. Two projects, Plumeria Homes in Lucknow and Unibera Towers in GB Nagar, are currently under consideration in the National Company Law Tribunal (NCLT).

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