JAL to finish stuck project as contractor
NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (Up-rera) has allowed the Jaiprakash Associates Limited (JAL) to finish a stuck housing project in Noida Sector 128 as a contractor, following demands from the homebuyers.
Up-rera officials said that JAL will complete the Jaypee Greens Night Court project and deliver the flats in the next 15 months.
The real estate regulator took the decision in its meeting held on January 27.
This is the second such case where the regulator made the promoter a contractor to seek a solution to the plight of apartment owners.
On September 19 last year, following orders of Up-rera, JAL started construction at its stuck Kalypso Court project in Sector 128. “The authority is very serious to make sure that the projects are delivered and the homebuyers get benefited,” said Rajive Kumar, chairman of Up-rera.
Jaypee Greens Night Court has eight towers having 310 units. The work on the project is stalled since 2014, the officials said, adding that only 60% work was done by the promoter.
According to the Uttar Pradesh real estate regulatory body,
officials, a fund of ₹145.5 crore is required to finish the remaining construction work of this project.
While ₹103.35 crore has to be contributed by the homebuyers, the promoter will pay ₹40.85 crore to finish the project.
As per the terms, the promoter will pay ₹10 crore upfront and start the work at the site in the next two weeks, the officials said. “This is a good move that the apartment buyers and the promoter have agreed to complete the remaining work mutually,” said Balvinder Kumar, member of Up-rera.
Many homebuyers want that the promoter completes the remaining work because a new developer may further delay the project. “If a new developer steps in, then it may take long time to finish the already delayed realty project. Also, the quality of the construction may be an issue,” said Sachin Kumar, a homebuyer of Jaypee Greens Night Court.
The JAL said that it would finish and deliver the project in stipulated time. “We will follow the instructions of Rera and deliver as per the schedule,” said a JAL spokesperson.