By Staff Reporter
The Uttar Pradesh Real Estate Regulatory Authority (UP Rera) has given its nod for the rehabilitation of Elegant Ville, a long-stalled project located in Techzone 4, Greater Noida West. Under the rehabilitation clause of Section 8 of the Rera Act, the original promoter, M/S Elegant Infracon Private Limited, has been authorized to resume and complete the pending construction and development work.
To safeguard the interests of Elegant Ville’s allottees, UP Rera has granted permission for the original promoter to collaborate with M/S Floral Realtech Private Limited and implement a comprehensive rehabilitation plan. This plan outlines the completion of all remaining work within the next 12 months, culminating in the acquisition of the occupancy certificate (OC).
Elegant Ville becomes the 18th project in Uttar Pradesh to undergo rehabilitation, aiming to break the deadlock that persisted for nearly six years. The project, consisting of 761 units, was registered by the promoter in 2017, with plans for development in three phases. Despite repeated extensions, the project remained incomplete, prompting the need for a rehabilitation strategy.
Based on the site inspection report, construction in Phase 1 of Elegant Ville is 75-78% complete, while Phase 3 and Phase 4 are 74-76% and 60% complete, respectively. Out of the 761 units, 686 have been sold, leaving 75 unsold units. The estimated funds required for project completion amount to Rs 120 crore, with existing allottees contributing Rs 66 crore, and Rs 48 crore expected from the sale of unsold units.
Floral Realtech will inject Rs 6.5 crore into the project in the initial six months. The overall cost of completing the project and covering additional expenses is estimated at nearly Rs 90.5 crore, making the rehabilitation financially viable.
This initiative follows the successful completion of projects like Jaypee Kalypso Court, Jaypee Knight Court, and Vasundhara Grand under the supervision of UP Rera, marking a positive trend in the revival of long-stalled real estate ventures in the region.