A total of 274 homebuyers of Jaypee Greens Kalypso Court Phase 2 located in JP Wish Town, Sector 128, Gautam Buddh Nagar will be getting their flats after a decade of wait. The homebuyers had booked their flats in 2010-11 but the developer Jaiprakash Associates Limited (JAL) was only able to complete and deliver four flats before the expiry of its RERA registration. The project was rehabilitated by UP RERA under the provisions of Section 8 of the RERA Act.
The promoter had registered this project, comprising 8 towers, with UP RERA in 2017. UP RERA vide its order dated July 29, 2020, approved the plan of rehabilitation of the remaining 4 incomplete towers - towers 7, 8, 11, and 12 having 304 units - in the project by authorizing the promoter to complete the remaining construction and development work with the consent of the association of allottees i.e., Progressive Welfare Society which had more than 50 percent of the allottees in the towers, said the UP RERA in a statement. The UP RERA directed the developer to complete the project within 18 months from the date of order.
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The UP RERA said that the promoter applied for occupancy certificates to NOIDA for towers 7 and 8 in December 2021 and for towers 11 and 12 in May 2022.
New Okhla Industrial Development Authority (NOIDA) has issued occupancy certificates for two towers - 7 and 8 on August 1 and OC for the remaining two towers is expected in the coming weeks, said the UP RERA. The real estate regulator said that the Kalypso Court project has become the first project rehabilitated under the provisions of the RERA Act in Uttar Pradesh as well as in the country.
"On the successful receipt of the Occupancy Certificate (OC) for the towers, the promoter can now offer possession to 148 allottees in the towers. With the Occupancy Certificate (OC) for the remaining two towers namely towers 11 and 12, which is expected in the next few weeks, overall possession will be offered to 274 allottees in the 4 towers," said the RERA.
The UP RERA said that the Kalypso Court project is the first in line among 14 other projects of the state that shall be completed under the supervision and monitoring of the UP RERA.
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