Rera member on panel to complete housing project

Greater Noida: The Greater Noida bench of the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Wednesday ordered the formation of a tripartite committee for the completion of a 144-apartment residential project in Greater Noida’s Sector Chi V, Kamrup Housing. The project was launched in 2012 with a promise of delivery in 2015.
Officials said the committee will have on board a member of UP-Rera, a representative for homebuyers and the builder. And if successful, this model could be created for completion of other pending projects as well.

“This is a method we are going to use for such projects where the builder has the intent to complete the same but has been held up by a tentative financial problem. In such cases, a committee will be formed and an escrow account will be created to pool in funds to drive the project to completion,” UP-Rera member Balwinder Kumar told TOI.

“UP-Rera will be playing the role of a conciliatory to facilitate completion as well as to regulate cash flow. If this model works for this particular project, we will create such committees for several other projects which are in their last leg of completion,” he added.

Launched in 2012 as a limited edition affordable luxury project, the developer initially sold 111 flats of which the deals of 31 apartments were cancelled later.

The project was sold on a construction-linked plan and was due for delivery in 2015. The three and five bedroom flats were sold for Rs 99 lakh and Rs 1.7 crore, respectively. However, according to buyers, the project is incomplete and there has been no construction work at the site since 2016.

The project is built on a 2.5 acre land with 64 unsold flats. The escrow account will be created with a deposit of Rs 60 lakh to start the pending work.

Download The Times of India for Latest .

- Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.