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Noida: A Housing Society Greater Noida where home buyers were allowed UP-RERA The matter of completion of flats stuck for more than a decade is now embroiled in a new controversy.
officials said Sampada Livia Chi Wei was one of the first projects where the regulatory authority allowed home buyers to take over the construction work. After seven months of progress, around 250 buyers are again in a quandary as banks have reportedly started dragging their feet in issuing home loans.
Since January this year, the developer appointed by the buyers has invested around Rs 13 crore. Out of this, Rs 9 crore was deposited by the buyers themselves. Buyers said around 50% of the loans have still not been disbursed.
“We are not seeking any additional funds from the banks. All we want is that they release the remaining part of the loan sanctioned earlier. The project is financially viable considering that there are around 400 unsold units,” said Akanksha Agarwal, chairperson. Sampada Livia Buyers Welfare Association,
He admitted that banks have been reluctant to issue loans as the project has undergone many changes over the years. “There are some complications regarding land registration. The plot is still allotted in the name of the previous developer, although he is no longer involved in the project, Agarwal said.
He sought the intervention of UP-RERA and the Greater Noida Authority to complete the project, pointing out that the regulatory authority had asked banks to sanction loans. Aggarwal insisted that if the buyers decide to waive the penal interest, they will also clear the authority’s dues.
In the last seven months, Akshita Infratech, the developer appointed by the buyers, has completed nine floors with three flats in each of the housing society’s six towers.
The Sampada Livia has faced several challenges since its launch. Initially allotted to PSA Impex Pvt Ltd in 2011, the project was taken over by the Shubhashtha Group and relaunched as the Shubhashatha Livia the following year. The split took place again in 2014 and the project was renamed Sampada Livia.
In 2017, buyers lodged complaints regarding the lack of progress in the project. Alleged irregularities of over Rs 47 crore were found in the Greater Noida Authority’s audit.
Seeking refunds, buyers took their complaints to the National Consumer Disputes Redressal Commission (NCDRC) and UP-RERA between 2017 and 2018. The project was taken over by the Alturio Group, who renamed it Alturio Residency. Meanwhile, one of the directors of PSA was arrested by the Economic Offenses Wing in a separate case.
Eventually, in June 2020, the buyers were allowed to continue with the remaining construction work. He suffered another setback due to a legal battle in the Allahabad High Court. The National Company Law Tribunal (NCLT) appointed an IRP for PSA Impex, adding to the wait.
Eventually, the Supreme Court dismissed the case in December last year. In January this year, 250 members of the buyers’ association began construction on the six towers.
“If we get proper funding and support from the authorities, the project can be completed in three years,” said Ashish Pandey, director of Akshita Infratech.
When asked about the latest hurdle, UP-RERA conciliator RD Paliwal said, “We are in touch with the allottees’ association and are keeping a close watch on the project. A meeting will soon be held between the association and financial institutions to explore funding possibilities.
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