NOIDA: The Uttar Pradesh Real Estate Regulatory Authority (RERA) has extended till December 2023 the completion time of a pandemic-hit group housing project in Ghaziabad which was expected to be ready in 2022, officials said on Monday.
The RERA noted that work on Utopia Estate commenced in April 2016 but could not be completed by promoter M/s Sai Adhiraj Land & Promoters Pvt Ltd within the stipulated time which ended on March 28, 2022, according to an official statement.
“Presently, as per the site inspection report, the overall physical progress of the project is only 40 per cent,” the RERA said.
Both the promoter and the association of allottees had approached Uttar Pradesh RERA to intervene and facilitate the remaining development work of the project under its close supervision so that the allottees could get the possession of their unit in the near future, it added.
The promoter had already availed of the entire permissible extension of registration, one year as per section 6 of RERA Act and other extension due to Covid pandemic, it noted.
“But on the account of validity of sanctioned maps till August 2022, the Authority considered the request from the promoter and association of allottees of the Utopia Estate project and decided to extend its support for completion of the project under the provisions of section 8 of the RERA Act read with Section 6, 7 and 37 of the act,” the RERA said.
It has authorised the promoter to undertake the completion of the remaining development and construction work of the project in a time-bound manner and complete it by December 2023 as per the consent (95 per cent) provided by the association of the allottees, according to the statement.
“The Authority, based on the report of its project management division, was satisfied that the completion plan as submitted by the promoter was worth accepting for the protection of the interest of the allottees,” it added.
The Utopia Estate being developed by M/s Sai Adhiraj Land & Promoters Pvt Ltd is located at Ansal Aquapolis Integrated Township, Dundahera in Ghaziabad.
Out of two towers under this project, only D-13 is registered with UP RERA and, as per the promoter, no booking has been made in D-14 tower, according to the statement.
Tower D-13 has 184 residential units and only 48 units have been sold and the rest 136 are yet to be sold, the statement read.
“As per the estimate, a sum of Rs 65 crores can be raised from the unsold units of the project and Rs. 8.14 crore is due from the existing allottees and further a sum of Rs. 4.14 cr can be raised through the sale of saleable parking area,” the RERA said.
“Thus, the total cash flow in the project is Rs 77.28 crore and the estimated cost to complete the project is about Rs 35.47 crores. This shows the absolute viability of the project and can be completed by the promoter with the consent of the existing allottees,” it added.