After going through a rollercoaster ride of over a decade, home buyers of Jaypee Greens Kalypso Court Phase -2, located in JP Wish Town Sector 128 of Gautam Buddh Nagar, will finally receive their homes as the promoter of the society has received the required occupancy certificate (OC) for its remaining two towers.
According to a statement issued by UP Real Estate Regulatory Authority (UP RERA) on November 18, after obtaining the OC of its remaining two towers, 11 and 12, Jaypee Greens Kalypso Court Phase-2 has become the first project in the country to achieve completion via rehabilitation under provisions of Section 8 of RERA Act under supervision of UP RERA.
The promoter Jaiprakash Associates Limited (JAL) obtained the OC for the last two towers of the project from Noida Authority on November 17, 2022, the statement said.
Also read: Can homebuyers’ associations complete a stuck project under RERA?
Following successful receipt of the OC of 154 units in both towers, the promoter can now offer possession to allottees who have been stuck for over a decade, the statement said.
The homebuyers had booked their flats in the project in 2010-11, but the developer Jaiprakash Associates Ltd was only able to complete and deliver four towers before the expiry of its RERA registration.
The project was rehabilitated by UP RERA under the provisions of Section 8 of the RERA Act. Section 8 of the RERA Act allows for stripping the developer of the stuck projects and handing those over to competent authorities or to an association of homebuyers. In this case, the project was taken over by the allotees of Jaypee Greens Kalypso Court Phase-2 project.
The last 10 years had been a nail-biting rollercoaster ride for these homebuyers, who are among the first in the country to take over a stuck project and see through its completion.
The statement said that originally four towers had been in rehabilitation since July 2020. In August 2022 the promoter had obtained OC of 148 units in towers 7 and 8.
As of now, the promoter has obtained OC of all 304 units in the remaining four towers, enabling the promoter to offer possession to the 274 existing allottees, and to sell the remaining 30 unsold units. The project was launched around 2010-11. And now, more than 10 years after investing in these flats, the home buyers will see their dreams turn into reality, the statement said.
The Kalypso Court project in Noida is the first among 14 other projects in the state that will be completed under the supervision and monitoring of the regulatory authority.
Rajive Kumar, Chairman, UP RERA, said that the RERA Act was enacted in the backdrop of massive delays in completion of real estate projects and the need for safeguarding the interests of homebuyers.
He said that completion of the Kalypso Court project, which was under rehabilitation, can set a trend for completion of other stuck projects via this route.
“Today is a big day for the entire real estate sector because a stuck project has achieved completion with OC. The effective use of provisions of RERA Act in enabling completion of stalled real estate projects is a game-changer. I am proud that UP RERA has been spearheading this movement and now has overseen completion of the first project in the country using the provisions of Section 8 of RERA Act. I am confident that more and more promoters and allottee associations will utilise this platform for rehabilitating stalled or delayed real estate projects under the aegis of RERA,” the statement quoted Kumar as saying.
Presently, UP RERA is facilitating completion of 14 such projects under Section 8 of RERA through joint endeavours of promoters and allottees. These projects are under various stages of completion, and over 7,000 allottees will be able to get possession in these challenged projects on completion, the statement said.
The promoter had applied for OC to Noida Authority for towers 7 and 8 in December 2021 and for towers 11 and 12 in May 2022.
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