Construction of Jaypee Kalypso Court has been resumed under UP-RERA’s new rehabilitation model
NEW DELHI: Construction of Jaiprakash Associates’ (JAL) Jaypee Kalypso Court (Phase – II) has been resumed on Saturday under the Uttar Pradesh Real Estate Regulatory Authority’s (UP-RERA) new ‘rehabilitation model’. Here buyers and promoters work together for the completion of the project.
“UP-RERA has been successfully implementing this approach to resolve the disputes and revive a stopped project. ‘Jaypee Kalypso Court’s project of JAL is the first project in U.P. RERA that has passed through this approach. Besides that the promoter has now begun the construction work in the project from today,” said Rajive Kumar, chairman, UP-RERA.
The promoter continues to be responsible for completing the project and delivering on time, under the new joint development devised by the authority. Furthermore, the homebuyers through their collective are responsible to make sure that the payments are made by them are being deployed only on the project.
The authority will review the progress of all projects on a quarterly. Besides that, a Chartered Account shall be appointed for the concurrent audit of the project to completion. Its website authority will shift the project to a special category of projects under rehabilitation as per the provisions of Section 8 of the RERA Act.
The authority had authorized JAL with the consent of the Progressive Welfare Society (Association of Allottees) of the project to undertake the completion of the remaining development of the project in July 2020.
Among all 274 units out of the total 304 sanctioned units in the towers 7, 8, 11, 12 have been sold. In addition to that 30 more units are yet to be sold. JAL also committed to infusing Rs 45 crore into the project. The project is supposed to be complete in about 12-15 months from the date of starting work in the four towers in line with the Pert Chart.
Balvinder Kumar, member, UP-RERA said, the authority is hoping that many more stopped projects can be completed if the AoA and promoter can mutually work together under this model towards the completion of the project”.
It was reported that 40 projects of Gautam Buddh Nagar district have been found as net positive surplus according to an audit done Currie & Brown
The authority has further planned to extend this approach to various other projects in the state where the projects are paused either because of an impasse between the promoter and the homebuyers or the completion date as declared by the promoter has lapsed including the one-year extension permissible under section 6 of the RERA Act.
