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Up-rera Revives Sec 62 Project Stuck For 4 Years, Real Estate News, Realty Beat

Up-rera Revives Sec 62 Project Stuck For 4 Years, Real Estate News, ET RealEstate
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 in Sector 62, Noida. Allocated in December 2005 for institutional purposes, the site got transferred to a new party after taking the consent of more than two-thirds of the buyers.

Rajesh Kumar Tyagi, secretary, UP-Rera, in his order issued on January 4, allowed the transfer of a plot covering 20,000 square metres (five acres) that belonged to Proplarity Infratech Pvt Ltd to Urbanac Building Technologies.

Proplarity had offered mixed-use development at the site through its project BizLife. Apart from having retail spaces, offices and commercial components, a certain number of service apartments were supposed to come up at the site. The project, however, has remained stranded for more than four years, with only some construction activity taking place.

Meanwhile, stuck buyers approached UP-Rera for relief. Having gone through the proposal submitted by the new entrant, 519 of 750 allottees gave their consent for the takeover in November last year, following which the regulatory authority has allowed transfer rights and liabilities of the project to Urbanac Building Technologies.

Paritosh Goel, a partner of the company, said, “We are going to complete the project within four years and deliver it to the buyers. The corroded columns, pillars, plinths will get removed. Also, we are coordinating with Noida Authority for sanction of our building plan and will soon begin work at the site.”

The company has tied up with SBTL, another construction group, to speed up the work.

Goel said that taking over the project seemed financially feasible as the Noida Authority received most of the land dues in advance. “Only some amount of money in the form of lease rent and time extension charges is pending, but the land premium got settled earlier,” he said.


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