The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has approved acquisition of a commercial project in Noida by Urbanac Building Technologies.
Urbanac will invest Rs 250 crore in developing one million sq ft of office and retail space spread across two towers, Paritosh Goel, Managing Partner, Urbanac Building Technologies told ET.
According to the order by UP RERA, the project ‘Bizlife’ was registered in the name of Proplarity Infratech Pvt. Ltd. and construction started in July 2017 and was proposed to be completed by 31 October 2023.
Proplarity Infratech Pvt. Ltd submitted an application under Section 15 of the RERA Act on November 8, 2021 along with consent letters of 519 allottees out of the total
750 allottees in the project with request to the authority to permit it to transfer its majority rights and liabilities in respect of this project to Urbana Building Technologies LLP.
“We will complete the project in 3-4 years. Project is located at sector 62, which is a prime location for office space and we have already delivered two projects in the market,” said Goel.
The entire process of project acquisition is being done under the supervision of experts of UP RERA. As a promoter, Urbanac Building Technologies LLP and Soltrain Building Technology Limited (SBTL) as a construction partner will develop the project jointly.
After several rounds of meetings by UP RERA with promoter and buyers, and complete satisfaction on all aspects of project rehabilitation and completion of the project, finally UP RERA allowed the process of project acquisition as per section 15.
“Strengthening the confidence of all the investors and buyers, our priority will be to implement the approved project rehabilitation plan as soon as possible and proceed with the construction,” Goel said.
Due to the delay in the construction of this project, the allottees formed a Buyers Welfare Association and appealed for proper resolution of the project in UP RERA.
“This is the first such acquisition in the district and we want to assure that the existing allottees that we will take every step for the betterment of the project. We will soon start the project site once the remaining formalities of UP RERA are completed. We will set up the office, rename the project, and begin the construction work soon after approval of the new map,” said Sandeep Sahni, Chairman, SBTL.
SBTL is presently constructing IT and commercial projects at ITham 73 – 10 lakh sq. ft. in Noida and Itham Galleria – 7 lakh sq. ft. in Greater Noida. SBTL has also completed 5 commercial and 6 residential projects in Delhi, NCR, and Uttarakhand.
