By Staff Reporter
In a significant development, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has granted permission to Ajnara Realtech, a realty firm, to finally complete its long-delayed housing project in Sector 16 of Greater Noida West. This decision brings relief to nearly 600 home buyers who have been eagerly awaiting the completion of their dream homes. Under Section 8 of the UP Rera Act, this becomes the 16th stuck project in the state that will be rehabilitated.
The project in question, Ajnara Le Garden Phase-3, was initiated in 2014 but faced numerous hurdles, leading to significant delays. Despite receiving extensions, the developer failed to complete the construction within the stipulated timeframe. In 2017, the project was registered with UP-Rera, but by December 31, 2020, the valid registration period had expired. The developer had exhausted the allowed 18-month extension, including a one-year extension for registration and an additional six months due to the pandemic-induced work disruption.
With the intervention of UP-Rera, the promoter and the association of allottees of Le Garden Phase-3 Welfare Society sought a resolution to the stagnant development work. After obtaining written consent from over 50% of the affected homebuyers, UP-Rera stepped in to facilitate the completion of the project.
The regulatory authority’s project management division (PMD) in the NCR region thoroughly examined the project and expressed satisfaction with the proposed completion plan submitted by the promoter. As part of the agreement, the promoter is required to deposit an upfront capital of Rs 4 crore within the next three months to commence construction. The progress of the project will be closely monitored by the Project Advisory and Monitoring Committee (PAMC), along with the PMD and Greater Noida Industrial Development Authority (GNIDA).
The project comprises four towers with a total of 585 flats, out of which 476 units have already been sold. The estimated cost to complete the project is around Rs 186 crore. The project’s funding is expected to come from various sources, including the promoter’s contribution of Rs 4 crore, Rs 112 crore from existing allottees, and Rs 71 crore from the sale of unsold units.
This positive development not only brings hope to the affected home buyers but also showcases the effectiveness of UP-Rera in resolving long-pending issues and ensuring the timely completion of stalled housing projects.