NOIDA: Jaypee Greens becoming the first project of the state directed by UP-RERA under the Rehabilitation Clause of Calypso Court is a ray of hope for 13 other projects which are awaiting completion.
Of these, 12 projects are in Noida and Ghaziabad. The second is in the state capital Lucknow.
The latest two additions to the list were this year, both from Ghaziabad.
last month, RERA Said that he has authorized the builder to finish the work Utopia Estate Housing Project in Dundahera.
In May, it allowed the promoter of the Vasundhara Grand Project in Sector 15 to complete the stalled project. Both of these are planned to be completed by the end of 2023.
“The successful completion of this project marks a new beginning in the post-RERA era, where a project has been rehabilitated and completed by a regulatory authority. This is the first line among 14 others that will be completed under the supervision and monitoring of UP-RERA. Rajiv KumarThe chairman of the regulatory body said on Friday.
UP-RERA has been at the forefront of the country in using the provisions of Section 8 effectively RERA Act For rehabilitation of delayed and stalled projects. UP RERA took a focused approach and set up a ‘Project Management Division’ to identify, advise and handle the promoters and allottee associations for completion of real estate projects.
Section 8 of the state’s RERA Act, which came into force in 2016, can be invoked if builders and at least 50% of home buyers approach the real estate regulator with a rehabilitation plan. Once it is brought in, the authority constitutes Project Advisory and Monitoring Committees to oversee the development works.
Progress is reviewed by these panels every quarter and efforts are made to remove any impediments.
There are terms and conditions to be followed for builders and home buyers to adhere to the timelines set by UP-RERA. In addition, all parties must ensure that economic resources are available.
Experts say that seeing a project come to fruition under the supervision of the authority is a positive outcome, but it also indicates that the Act may not always be widely applicable. “In the case of Jaypee Greens Calypso Court project in Sector 128, three stakeholders – the developer, homebuyers association and UP-RERA – were on the same page. With this the project was completed. But not all stalled projects can be brought under the Act.” Venkata Rao Integrated Law Firm and Legal Advisor to UP RERA.
“In order to implement Section 8 of the UP RERA Act, it is mandatory that more than 50% of the allottees and developers agree to the rehabilitation plan. There are differences between the two sides in many of the stalled projects and in this case the Act alone cannot come to save all the stalled projects. This explains why so far only 14 projects could be brought under the purview of the Act.