With project stuck since 2014, UP RERA allows Ajnara Realtech to complete remaining work in 24 months

“The entire permissible extension of registration, 1 year as per Section- 6 of the RERA Act and another extension of 6 months due to the Covid-19 pandemic, had been availed by the promoter and the registration of the project had lapsed on 29th June 2022. Hence, keeping construction status in mind, only provisions of Section-8 of the RERA Act were permissible for completion of the stuck project,” said the Authority.

According to a site inspection report carried out last year, the overall physical progress of the Ajnara Le Garden Phase-3 was only 35 per cent, in which 585 residential units are being developed in four towers. Presently, 476 units have been sold and 109 units are yet to be sold.

“As per the estimate, a sum of approx. Rs. 187.0 crore can be raised from the project which includes the upfront contribution of Rs. 4 crore from the promoter, Rs. 112 crore receivables from the existing allottees and Rs. 71 crore to be raised by selling unsold units. On the other hand, the estimated cost to complete the project is about Rs. 186 cr. in various heads,” said UP RERA.

It also said Ajnara will deposit Rs. 4 crore upfront capital in the next three months to begin construction immediately in a separate account of the project maintained in the name of the project and all the future receipts from the allottees shall be deposited in this account.

“The money from this account will be utilized only for the purposes of construction and development of the project. Any kind of withdrawal will require approval of the CA, engineer, and architect of the project and an annual audit will be accessible for all allottees,” said UP RERA.

Under the supervision of UP RERA chairman, the progress of the project will be monitored by the Project Advisory and Monitoring Committee (PAMC), assisted by Project Management Division (PMD) under the chairmanship of one of its members and comprising the CEO of GNIDA along with conciliation consultants, finance controller, Technical advisor, specially appointed construction consultants and association of allottees.

T Venkatesh, Chairman, UP RERA, said, “Our prime objective is to protect the interests of all stakeholders of stuck projects, especially allottees. Ajnara Le Garden Phase-3 is the 16th project in the state wherein we have authorised the promoter to complete the remaining construction and development work in understanding with the allottees of the project.”

Venkatesh also said presently 10 projects in Gautam Buddha Nagar, five projects in Ghaziabad, and one project in Lucknow are being completed through either the promoters or the association of allottees. Overall three out of 16 projects have applied for Occupancy Certificate in the competent Authority.