UP RERA authorises Spring View Heights’ promoters to complete work
Real Estate

UP RERA authorises Spring View Heights’ promoters to complete work

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has authorised the promoter of the Spring View Heights project to complete the remaining construction work by December 2022.

The Spring View Heights project, built by Sare Saamag Realty Pvt Ltd is situated at Plot No-2, Saga Crescent Park Integrated Township, Shahpur Bamheta Village in Ghaziabad. Out of 660 flats under six towers of the project, 511 flats have already been sold, and 149 units are unsold. According to the estimate, Rs 165.05 crore can be raised from the project, which comprises Rs 99.53 crore from the existing allottees and Rs 65.52 crore through the sale of unsold units. The estimated cost to finish the project is around Rs 107 crore.

The authority told the media that the project, which began in 2013, is just 70% complete. Both the promoter and the association of allottees had approached UP RERA to interfere in the matter and boost the remaining development work of the project under its close watch so that the allottees of the project could get the ownership of their unit in near future.

The authority has set up a project management division in its NCR regional office, and the completion plan of the project presented by the promoter with the written consent of over 50% of their allottees through their registered association was thoroughly investigated by this division, the authority told the media.

The authority, based on the report of its project management division, was satisfied that the completion plan presented by the promoter was worth accepting for the protection of the interest of the allottees. The promoter will deposit Rs eight crore upfront within 30 days from the date of the issue of the order. Additionally, a separate account of the project will be maintained in the name of the project and all the future receipts from the allottees of the project as additionally from project financers, if any, shall be deposited in this account. The money from this account will be used only for the construction and development of the project in conformity with the relevant conditions of the Real Estate Regulation and Development Act (RERA).

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Also read: UP RERA revives 4-year stalled projects in Noida
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The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has authorised the promoter of the Spring View Heights project to complete the remaining construction work by December 2022. The Spring View Heights project, built by Sare Saamag Realty Pvt Ltd is situated at Plot No-2, Saga Crescent Park Integrated Township, Shahpur Bamheta Village in Ghaziabad. Out of 660 flats under six towers of the project, 511 flats have already been sold, and 149 units are unsold. According to the estimate, Rs 165.05 crore can be raised from the project, which comprises Rs 99.53 crore from the existing allottees and Rs 65.52 crore through the sale of unsold units. The estimated cost to finish the project is around Rs 107 crore. The authority told the media that the project, which began in 2013, is just 70% complete. Both the promoter and the association of allottees had approached UP RERA to interfere in the matter and boost the remaining development work of the project under its close watch so that the allottees of the project could get the ownership of their unit in near future. The authority has set up a project management division in its NCR regional office, and the completion plan of the project presented by the promoter with the written consent of over 50% of their allottees through their registered association was thoroughly investigated by this division, the authority told the media. The authority, based on the report of its project management division, was satisfied that the completion plan presented by the promoter was worth accepting for the protection of the interest of the allottees. The promoter will deposit Rs eight crore upfront within 30 days from the date of the issue of the order. Additionally, a separate account of the project will be maintained in the name of the project and all the future receipts from the allottees of the project as additionally from project financers, if any, shall be deposited in this account. The money from this account will be used only for the construction and development of the project in conformity with the relevant conditions of the Real Estate Regulation and Development Act (RERA). Image Source Also read: UP RERA revives 4-year stalled projects in Noida

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