As per the Section-8 of RERA Act, this decision is arrived at as per the consent provided by the association of the allottees. Till now 13 such stuck up real estate project under rehabilitation have been authorized completion by RERA.
UP Real Estate Regulatory Authority has authorized Nandini Buildhome Consortium Pvt. Ltd., the promoter of Vasundhara Grand project located in sector-15 Ghaziabad to finish the remaining construction work by May 2023.
The authority will shift the project to the special category of projects under rehabilitation and monitor its progress quarterly.
As per the Section-8 of RERA Act, this decision is arrived at as per the consent provided by the association of the allottees. Till now 13 such stuck up real estate project under rehabilitation have been authorized completion by RERA.
The project construction started in 2015 with the completion planned in December 2020. The promoter could not complete the project within the said period of registration, which lapsed on December 16, 2020.
“Presently, as per the site inspection report, the project is only 82% complete. Both the promoter and the association of allottees had approached UP RERA to intervene in the matter and facilitate the remaining development work of the project under its close supervision so that the allottees of the project could get the possession of their unit in near future,” the authority said.
Since the promoter had already availed of the entire permissible extension of registration but has submitted a compounded sanctioned layout with a validity till June 2023, the authority considered the request and decided to extend its support for completion of the project under the provisions of section 8 of the RERA Act read with Section 6, 7 and 37 of the act.
Rajive Kumar, Chairman, UP RERA said, “Vasundhara Grand is the 13th project wherein the remaining development work is sought to be completed by the promoter in understanding with the allottees of the project or alternatively association of allottees who are approaching. We are examining the possibility of facilitating the completion of some more such projects under enabling provisions of RERA Act to stimulate construction in the sector and to ensure completion of such projects leading to the revival of the sector and delivery of houses to the consumers.”
UP RERA has recently set up a project management division in its NCR regional office at Greater Noida. The promoter, Nandini Buildhome Consortium Pvt. Ltd submitted its project completion plan along with the written consent of more than 50% of their allottees through their registered association which was thoroughly scrutinized by this division.
The Vasundhara Grand project is being developed by Nandini Buildhome Consortium Pvt. Ltd., it is located at Sector-15, Vasundhara Yojna in Ghaziabad. Out of 320 residential units in two towers and 7 commercial units of the project, 244 residential and 1 commercial units have already been sold.
As per the estimate, Rs 148.40 crore can be raised from the project which includes Rs 66.58 crore from the existing allottees and Rs 81.81 crore from unsold units. The estimated cost to complete the project is about Rs 67 crore and the project is viable one and can be completed by the promoter with the consent of the allottees of the project.
The promoter has been asked to deposit Rs 25 lakh upfront within 15 days from the date of the issue of the order. Also, a separate account of the project has be maintained in the name of the project.
“Taking in to account the larger interest of allottees, it was decided that no allottee will be allowed to withdraw from the project till its completion. Similarly enforcement of the orders passed previously by the Authority will be kept on hold to ensure the uninterrupted flow of liquidity required for completion of the project within the stipulated time,” the authority said.
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