Noida: Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) exercised powers under section 15 of the Real Estate (Regulation and Development) Act, 2016 to revive a stalled project at Sector 62, Noida. Allocated for institutional purposes in December 2005, the site was transferred to a new party after obtaining the consent of more than two-thirds of the buyers.
Rajesh Kumar Tyagi, Secretary, UP-RERA, in its order issued on January 4, permitted the transfer of a plot covering 20,000 square meters (five acres) belonging to Proplarity Infratech Pvt Ltd to Urbanac Building Technologies.
Proplarity offered a mixed-use development on the site through its project BizLife. In addition to having a retail space, office and commercial components, the site was to have a certain number of service apartments. However, the project has been stuck for more than four years, with only a few construction activities taking place.
Meanwhile, the stranded buyers approached UP-RERA for relief. After reading out the proposal submitted by the new entrant, 519 allottees out of 750 had given their consent for the acquisition in November last year, following which the regulatory authority has allowed Urbanac Building Technologies to transfer rights and liabilities of the project.
reward GoyalA partner of the company said, “We are going to complete this project within four years and will take it to the buyers. The dilapidated pillars, pillars, platforms will be removed. Also, we are coordinating with the Noida Authority for the approval of our building plan and will start work on the site soon.
The company has tied up with another construction group SBTL to expedite the work.
Goyal said the acquisition of the project seemed financially viable as most of the land dues to the Noida Authority were received in advance. “Only some amount is pending as lease rent and time extension charges, but the land premium is already settled,” he said.
Rajesh Kumar Tyagi, Secretary, UP-RERA, in its order issued on January 4, permitted the transfer of a plot covering 20,000 square meters (five acres) belonging to Proplarity Infratech Pvt Ltd to Urbanac Building Technologies.
Proplarity offered a mixed-use development on the site through its project BizLife. In addition to having a retail space, office and commercial components, the site was to have a certain number of service apartments. However, the project has been stuck for more than four years, with only a few construction activities taking place.
Meanwhile, the stranded buyers approached UP-RERA for relief. After reading out the proposal submitted by the new entrant, 519 allottees out of 750 had given their consent for the acquisition in November last year, following which the regulatory authority has allowed Urbanac Building Technologies to transfer rights and liabilities of the project.
reward GoyalA partner of the company said, “We are going to complete this project within four years and will take it to the buyers. The dilapidated pillars, pillars, platforms will be removed. Also, we are coordinating with the Noida Authority for the approval of our building plan and will start work on the site soon.
The company has tied up with another construction group SBTL to expedite the work.
Goyal said the acquisition of the project seemed financially viable as most of the land dues to the Noida Authority were received in advance. “Only some amount is pending as lease rent and time extension charges, but the land premium is already settled,” he said.
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