Hindustan Times (Noida)

A decade on, Kalypso Court flats get OC

- Vinod Rajput vinod.rajput@htlive.com

The homebuyers of Jaypee Group’s Kalypso Court project at Sector 128 in Noida are upbeat as the last two towers of the housing society, comprising 156 units, obtained occupancy certificat­e on Friday, clearing all hurdles for the registrati­on of flats and their possession.

The Uttar Pradesh Real Estate Regulatory Authority (Up-rera) said that it is the first project that got completed under its supervisio­n under Section 8 of the Rera Act, 2016, under which it invites buyers to choose their constructi­on contractor when the promoter fails to complete the project in the stipulated time. The homebuyers had chosen Jaiprakash Associates Limited in the year 2020, as their contractor to finish the incomplete towers.

The Kalypso Court housing project was part of the debt-ridden Jaypee Group’s Wish Town project along the Noida-greater Noida Expressway.

The project was launched in 2007 and was to have 1,140 residentia­l units.

However, the developer missed its 2010-2011 deadline, forcing 304 homebuyers to approach the Up-rera in 2019. A total of 304 units in towers 7, 8, 11, 12 were not delivered in accordance with the schedule.

“Our 156 remaining flats are now ready for registrati­on as the OC has been sanctioned. We are extremely happy because we waited for more than a decade to get this project completed. In around a month’s time, the homebuyers can get the flat registry executed and shift into their homes. We are indeed happy,” said Jayesh Patel, president of the Kalypso Court apartment owners’ associatio­n.

“It’s a big deal in the real estate sector because a stuck project has finally achieved completion. The Rera Act was enacted against the backdrop of massive delays in the completion of the project. The effective use of provisions under the Rera Act in enabling completion of stalled real estate projects is nothing but a game-changer. I am quite confident that more and more promoters and allottee associatio­ns will utilise this platform for rehabilita­ting delayed real estate projects under the aegis of the Rera Act,” said Rajive Kumar, chairman, Up-rera.

 ?? HT ?? The Kalypso Court project in Noida was launched in 2007.
HT The Kalypso Court project in Noida was launched in 2007.

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