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NOIDA: Developers and home buyers will come together to complete 985 flats in a housing society where there has been hardly any development in the last decade.
This step has been taken after an order UP-RERA to allow the developer of space culture and the association of allottees will jointly carry out the first phase of the project under their supervision. off NH-9 Chhajarsi The village, Sanskriti, was launched in 2010 and has 1,600 flats in three phases.
However, the project has been stalled since 2014, with 985 flats yet to be constructed in the first phase itself. While the Phase 1 registration ended in April 2019, the Phase 2 and 3 registrations have been cancelled. Ghaziabad Development Authority (GDA) in June last year regarding mounting dues.
According to the plan submitted to RERA during the hearing, Rs 227 crore can be used to complete the three phases of the culture. A total of Rs 328 crore is expected to be raised from the project – Rs 20 crore contribution from promoter, Rs 67 crore from existing allottees and Rs 241 crore from sale of flats.
RERA has asked the developer, Antriksh Realtech and Antriksh Sanskriti Welfare Association (association of allottees) to complete the project by June 2025.
The regulatory authority has laid down some strict conditions for the project to be completed on time. For example, the association will have to enter into an agreement with the promoter and submit a copy to RERA within 15 days of the order. The association will also have to submit details of its office bearers, consent of at least 50% of the allottees and complete project plan.
In terms of funds, the developer will have to deposit Rs 20 crore upfront in a separate account. Out of this, Rs 9.2 crore will have to be given to the GDA and construction can be started with the remaining amount.
A committee headed by UP-RERA chairman T Venkatesh will monitor the progress of the project.
“Once the promoter clears the dues, the GDA will give permission to develop the project. After this the layout will have to be approved once again. If everything goes according to plan, we hope to start construction by mid-August,” said Jiten Kumar Dalai, president of the association.
In 2017, buyers had approached RERA over the delay in handing over the flats. Last year, the association submitted plans to complete the remaining flats. Thereafter, RERA considered the proposal of the buyers and Antrix Realtech to jointly develop the project.
Rakesh Yadav, director of Antriksh Realtech, said that the project is still viable and they will complete the work within the deadline. “In total, 1,600 flats are to be built in three phases, of which the first phase will have 985,” he said.
RERA Conciliation Advisor RD Paliwal said, “The project is progressing in the right direction with a collaborative approach from all stakeholders. The parties should adhere to their commitments to complete the project on time.
RERA chief Venkatesh said Sanskriti is the 17th such project in the state where developers and buyers have come together to complete it. “We are investigating the possibility of the facility carrying out more such projects.”
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