The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has permitted the promoter of Ajnara Le-Garden Phase-3 to complete the remaining construction and development work under Section 8 of the RERA Act, a move that is expected to benefit around 476 allottees of the project who will receive possession of their flats by June 2025.
The project, Ajnara Le-Garden Phase-3, is located in Sector 16 of Greater Noida West.
The Authority noted that under the provisions of Section 8 of the RERA Act, UPRERA authorised the existing promoter, Ajnara Realtech Private Limited, to undertake the completion of the remaining construction and development work of the Ajnara Le Garden Phase-3 project with the consent of more than 50 percent of its allottees in a time-bound manner. The project has to be completed in 24 months or by June 2025.
This is the 16th real estate project under rehabilitation to be set on the path to completion under Section 8 of RERA. The association of allottees has given its consent for the project.
Also Read: UP RERA permits promoter to complete stuck housing project in Ghaziabad
Ajnara Le Garden Phase-3, which is only 35 percent complete, is expected to have 585 residential units spread across four towers — K, L, M, and N. Till now, 476 units have been sold, with 109 units remaining to be sold.
"As per the estimate, a sum of approximately Rs 187 crore can be raised from the project, which includes an upfront contribution of Rs 4 crore from the promoter, Rs 112 crore receivables from the existing allottees, and Rs 71 crore to be raised by selling unsold units. On the other hand, the estimated cost to complete the project is about Rs 186 crore," the Authority said in a statement on July 3.
The Authority added that the project was launched in 2014 and registered under UPRERA in 2017, but could not be completed by December 31, 2020 — the period of valid registration. The promoter used up the permissible one-year extension of registration as per Section 6 of the RERA Act and another extension of six months due to the COVID-19 pandemic. Following this, the registration of the project lapsed on June 29, 2022.
"The promoter and the association of allottees, ‘Le Garden Phase-3 Welfare Society’, had approached UPRERA to intervene in the matter and facilitate the remaining development work of the phases under its close supervision.
The promoter, Ajnara Realtech Private Limited, informed the Authority about the consent of more than 50 percent of allottees and the plan to complete all four towers in a phased manner.
On this basis, the Authority considered the request from the promoter and association of allottees of the Ajnara Le Garden Phase-3 project and decided to extend its support for the completion of the project under the provisions of Section 8 of the RERA Act," the UPRERA statement said.
Also Read: UP real estate regulator issued 8,800 recovery certificates worth about Rs 2,400 crore since 2018
The progress of the project will be monitored by the Project Advisory and Monitoring Committee (PAMC), assisted by the Project Management Division (PMD) of UPRERA under the chairmanship of one of its members and comprising the CEO of Greater Noida Authority along with conciliation consultants, finance controller, and association of allottees. The Authority will also appoint a third-party construction consultant to monitor the physical and financial progress of the project, the statement said.
T Venkatesh, Acting Chairman, UPRERA, said, "Our prime objective is to protect the interests of all stakeholders in stuck projects, especially allottees. We are examining the possibility of facilitating the completion of some more such projects under the enabling provisions of the RERA Act to stimulate construction in stuck projects and ensure possession to their allottees. Revival of stuck projects is one of the keys to the revival of the real estate sector and pushing delivery of units to consumers."
He added that presently, 10 projects in Gautam Buddh Nagar, five in Ghaziabad, and one in Lucknow are being rehabilitated through either promoters or the association of allottees.
Overall, three out of 16 projects have applied for Occupancy Certificate (OC) with the competent Authority, he said.
The developer did not offer an immediate response.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
