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Noida: Real estate regulator in Uttar Pradesh has asked realty firms Ajnara Realtech to complete his stalled housing project in Greater NoidaIn which there will be around 600 flats by June 2025.
Project ‘Ajnara Le Garden Phase-3‘, located in Noida Extension (Greater Noida-West), was launched in 2014 but could not be completed. The project has 585 flats in four towers, out of which 476 units have been sold to customers.
In a statement, the Uttar Pradesh Real Estate Regulatory Authority (U.P.UP-RERA) on Monday said it has authorized Ajnara Realtech, the existing promoter of the Ajnara Lay-Garden Phase-III project, to complete the balance construction.
It added that the promoter has been given time till June 2025 to complete the balance construction work and ensure possession of the houses to the 476 allottees.
“UP-RERA has authorized the existing promoter Ajnara Realtech to complete the balance construction and development work of Ajnara Le Garden Phase-III project to protect the interest of the allottees of a stuck project.” “Consent of more than 50 per cent allottees in a time-bound manner and will be completed in 24 months by June 2025,” said an official statement.
As per the site inspection report carried out in April 2022, the overall physical progress of the project was only 35 per cent.
It is estimated that around Rs 187 crore can be raised from the project, which includes upfront contribution of Rs 4 crore from promoter, Rs 112 crore from existing allottees and Rs 71 crore to be raised by selling unsold units. statement.
On the other hand, UP RERA said that the estimated cost of completing the project is around Rs 186 crore under various heads.
“The project was launched in 2014 and registered with UP RERA in 2017, but could not be completed within the period of valid registration till December 31, 2020.”
While it accepted the completion plan submitted by the promoters, UP-RERA directed the promoter to deposit an upfront capital of Rs 4 crore in the next three months to start construction.
The authority directed to open a separate bank account for the project and the funds should be used only for the construction and development purposes of the project.
Ashok Kumar Gupta, director, Ajnara Realtech, said, “We are happy with the decision taken by UP-RERA, as it has paved the way for providing homes to 585 home buyers by giving top priority to project construction.”
He said, “This achievement is the result of our joint efforts along with our esteemed home buyers and RERA. The proactive step taken by UP-RERA is in the best interest of all the stakeholders involved.”
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