Status as on- 10/02/2021

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has directed the Jaiprakash Associates Limited (JAL) to complete the construction of the 4 towers of the project Jaypee Greens Knight Court located in Sector-128, Noida in co-operation with Association of Allottees namely, ‘Knight Court Social Welfare Association’ within 15 months. The decision was taken by the UP-RERA on the meeting held on 27^th January, 2021 following the demand made by the homebuyers of Jaypee Greens Knight Courts that the promoter completes the remaining work because a new developer may further delay the project.

The Project has total 8 towers and less than 60% of the project work is completed till date. There are 310 allotees who have been waiting since 2014 for the completion of construction work of the Project which was supposed to be completed by 2020. The construction of the project was stalled for multiplicity of reasons. The amount of ₹145.5 crore is required to finish the remaining construction work of this project. While ₹103.35 crore has to be contributed by the homebuyers, the promoter will pay ₹40.85 crore to finish the project. As per the terms, the promoter will pay ₹10 crore upfront and start the work at the site in the next two weeks, the officials said.

Mr. Rajive Kumar, Chairman, UP-RERA asserted that: “The authority is very serious about its mandate for facilitating the completion of the projects and delivery of houses to the homebuyers. The authority is continuously monitoring the progress of projects registered with it and has established a Project Management Division (PMD) in its NCR office which is manned by experienced professionals.”

JAL said that it would finish and deliver the project in specified time as directed by the Authority stating that “We will follow the instructions of RERA and deliver as per the schedule”.

Conclusion

This is the second such direction by the Authority where the promoter is made a contractor to provide a solution to the dilemma of apartment owners. On September 19 preceding year, JAL was directed to start construction of its stalled Kalypso Court Project in Sector 128. The Learned Authority once again demonstrated its power to grant relief to the innocent buyers/ allottees.

Disclaimer – The above article is based on the personal interpretation of the related orders and laws. The readers are expected to take expert opinion before relying upon the article. For more information, please contact us at rera@centrik.in