The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has authorised the promoter of a stuck project Elegant Ville to complete the remaining construction and development work under provisions of section 8 of the RERA Act.
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The promoter of the project, Elegant Infracon Private Ltd, has collaborated with Floral Realtech Private Ltd and presented a plan of project rehabilitation according to which the project will be completed in the next 12 months, the Authority said.
Elegant Ville project is located at Techzone-4, Greater Noida West in Gautam Buddh Nagar. Elegant Infracon had registered the project to be constructed in three phases in UPRERA in 2017. The construction of the project could not be completed till the valid registration period. The Elegant Ville project has six towers. Out of the total 761 units, 686 have been sold while 75 units are yet to be sold.
According to an estimate, the cost of completing the project and all other expenses is approximately Rs 90.5 crore. About Rs 65.93 crore can be raised from the existing allottees and Rs 47.58 crore by selling the remaining unsold units. Additionally, Floral Realtech will infuse Rs 6.5 crore in the project in the first six months, the Authority said.
There was no immediate response from the developers on the issue.
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Sanjay Bhoosreddy, Chairman, UPRERA, said, “Elegant Ville is the 18th project being approved under provisions of section 8 for rehabilitation. Under the provisions of the RERA Act, we are exploring all the possibilities of completing other such projects so that construction work can be encouraged in other stuck projects for completion.”
Dinesh Kumar, a homebuyer of the project, welcomed the move saying it would help allottees in getting their homes. “We have been waiting for our home for the last four years. Now homebuyers of the project can hope of getting possession of their units with all facilities in the coming future,” Kumar said.
