News Services

UP RERA approves revival of Elegant Infracon stuck project in Greater Noida

[ad_1]

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has authorised the developer of Elegant Infracon project in Greater Noida to complete the stuck project with the help of Floral Realtech, another real estate company.

According to the audit by UP RERA, Rs 120 crore can be raised after completion of the project that includes Rs 65.93 crore from the existing allottees and Rs 47.58 crore by selling the remaining unsold units.

“We are making all possible efforts to protect the interests of all stakeholders, especially allottees, in stuck projects. Elegant Ville is the 18th project being approved under provisions of section-8 for rehabilitation after having consent of allottees and collaboration of promoters,” said Sanjay Bhoosreddy, Chairman, UP RERA.

Additionally, Floral Realtech will infuse Rs 6.50 crore in the project in first six months. The estimated cost of completing the project and all other expenses is approximately Rs. 90.5 crore, which makes the project financially viable.

Elegant Infracon Pvt. Ltd., has registered the project in three phases with UP RERA in 2017. The construction of the project could not be completed till the valid registration period and registration of Phase-1 lapsed in August 2018, registration of Phase-3 lapsed in February 2019 and registration of Phase-4 lapsed in July 2019. The Elegant Ville project has 6 towers including Tower C and D in Phase-1, Tower B and E in Phase-3 and Tower A and F in Phase-4.

The remaining construction and development work of total 761 units in the project will be completed under the monitoring of UP RERA.Based on the site inspection report of the Elegant Ville project, construction in Phase-1 is 75-78 percent, Phase-3 is 74-76 percent and Phase-4 is 60 percent complete. Out of total 761 units in Elegant Ville, 686 units have been sold while 75 units are yet to be sold.According to the RERA Act, the project was granted maximum permissible extension of registration in all phases and extending further extension was not possible.

[ad_2]

Source link