Noida authority told to finish Festival City project

NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has decided to hand over a stuck realty project – Festival City located in Sector 143 along the Noida Expressway – to the Noida authority after the promoter failed to deliver it.

“In the case of Festival City, the developer could not finish the project and the buyers’ association is also not interested in taking it up. Therefore, the Rera has decided to hand it over to the

Noida authority,” said Rajive Kumar, chairman, UP Rera.

The Festival City project is spread over 25 acres and has space for shops, offices and residential villas. It was launched in 2012 to be delivered by 2016.

Noida authority officer on special duty Rajesh Kumar said, “We will look into it once we receive instructions from Rera.”

Buyers said that they are not in a position to finish and deliver the project due to multiple reasons. “We lack technical experience and expertise and do not have adequate finances to finish such a big project. In view of all these issues, we refused to accept the offer made by the Rera,” said a buyer.

As per RERA, the promoter required ₹380 crore to finish this project which had high-end residential villas. The promoter told Rera he invested around ₹160 crore out of the Rs380 crore and constructed steel pillars to build structures for the commercial project.

Bhasin Group promoter SS Bhasin, who was developing this project, is behind bars in connection with a fraud case.