With the aim of protecting the interests of the allottees of a stalled project, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA), under the provisions of Section 8 of the RERA Act permitted the Antriksh Sanskiriti Welfare Association and the promotor Antriksh Realtech Private Limited to undertake completion of the remaining construction and development work of the Antriksh Sanskriti project jointly.
The Antriksh Sanskriti project is located in village Chajjarsi, on NH-24 near Indirapuram in Ghaziabad district. It was being promoted by Antriksh Realtech Pvt. Ltd. and was launched in 2010 jointly with landowner Raksha Vigyaan Karmchari Sahkari Awaas Samiti Limited, with unit shares of 62.5 percent and 37.5 percent respectively.
The Authority noted that UPRERA received a detailed proposal for project rehabilitation, with the consent of more than 50 percent of the association of allottees (AoA), which requested that Antriksh Realtech be reappointed as the promoter of these project. Stalled since 2014, all three registered projects — Antrtiksh Sanskriti Phase 1, Phase 2 and Phase 3 — are now scheduled to be completed by June 2025.
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As per the site inspection report, the project has 10 towers - A, B, C, D, E, F, G, J, K and L. About 35-40 percent of the overall construction in the towers has been completed. The project is stalled due to stoppage of construction work in 985 residential units since 2014.
“As per the estimate, a sum of Rs 308.27 crore will be raised from the project which includes upfront contribution of Rs 20 crore from the promoter, Rs 67.10 crore receivables from the existing allottees and Rs 241.17 crore by selling unsold units. On the other hand, the estimated cost of completion of the project is around Rs 227 crore under various heads that make the project financially viable,” UPRERA said in a statement.
It said that the registration of phases II & III of the project was revoked on June 11, 2022 and registration of phase I of the project lapsed in April 2019. The AoA of the project, Antriksh Sanskiriti Welfare Association, expressed interest in completing the remaining construction and development work of the project. The AoA decided to approach Antriksh Realtech Private Limited, the erstwhile promoter, and Antriksh expressed its interest to support the construction with the consent of the allottees.
“Hence, UPRERA considered the proposal of the AoA and authorised the Antriksh Sanskriti Welfare Association with Antriksh Realtech Private Limited jointly to undertake the completion of the remaining construction and development work of the project,” the Authority noted.
It said that within 15 days of the order, the Association will enter into an agreement for collaboration with the promoter and submit a copy to UPRERA. The promoter will deposit Rs 20 crore upfront in a separate account.
The Authority will appoint a third-party construction consultant to monitor the physical and financial progress of the project. All the liabilities and refund orders of UPRERA and NCRDC will be addressed by the promoter for uninterrupted construction, the Authority noted.
T. Venkatesh, Acting Chairman, UPRERA, said, “Our prime objective is to protect the interests of all stakeholders of stalled projects, especially allottees. Antriksh Sanskriti is the 17th project in the state wherein we have authorised the promoter and AoA to complete the remaining construction and development work of the project. We are examining the possibility of facilitating the completion of some more such projects.”
The developer did not offer an immediate comment to Moneycontrol’s query.
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