BackUP: RERA allows extension for completion of pandemic-hit housing project
RERA noted that work on Utopia Estate, the housing project in Ghaziabad commenced in April 2016 but could not be completed within the stipulated time which ended on March 28, 2022
PremiumThe Uttar Pradesh Real Estate Regulatory Authority (RERA) has extended till December 2023 the completion time of a pandemic-hit group housing project in Ghaziabad which was expected to be ready in 2022, officials said on Monday.
According to an official statement, RERA noted that work on Utopia Estate commenced in April 2016 but could not be completed by promoter M/s Sai Adhiraj Land & Promoters Pvt Ltd within the stipulated time which ended on March 28, 2022.
It further stated that currently, the overall physical progress of the project is only 40%, as per the site inspection report.
The statement also mentioned that both the promoter and the association of allottees had approached UP RERA to intervene and facilitate the remaining development work of the project under its close supervision so that the allottees could get the possession of their unit in the near future.
It said that the promoter had already availed of the entire permissible extension of registration, one year as per section 6 of RERA Act and other extension due to COVID-19 pandemic.
RERA in its statement said that on the account of validity of sanctioned maps till August 2022, the Authority considered the request from the promoter and association of allottees of the Utopia Estate project and decided to extend its support for completion of the project under the provisions of section 8 of the RERA Act read with Section 6, 7 and 37 of the act.
As per the statement, the promoter has been authorised to undertake the completion of the remaining development and construction work of the project in a time-bound manner and complete it by December 2023 as per the consent (95 per cent) provided by the association of the allottees.
The Authority, based on the report of its project management division, was satisfied that the completion plan as submitted by the promoter was worth accepting for the protection of the interest of the allottees, said the statement.
The Utopia Estate is located at Ansal Aquapolis Integrated Township, Dundahera in Ghaziabad.
The statement said that out of two towers under this project, only D-13 is registered with UP RERA and no booking has been made in D-14 tower.
Tower D-13 has 184 residential units and only 48 units have been sold and the rest 136 are yet to be sold, the statement read.
RERA in its statement said that as per the estimate, a sum of ₹65 crores can be raised from the unsold units of the project and Rs. 8.14 crore is due from the existing allottees and further a sum of Rs. 4.14 cr can be raised through the sale of saleable parking area.
The total cash flow in the project is ₹77.28 crore and the estimated cost to complete the project is about ₹35.47 crores shows the absolute viability of the project and can be completed by the promoter with the consent of the existing allottees, it added.
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