UP-RERA approves Elegant Ville project rehab

03 Oct 2023 CW Team

Elegant Ville, situated in Techzone-4, Greater Noida West, was registered in three phases with UP-RERA in 2017. However, construction could not be completed within the valid registration period, resulting in lapses for each phase's registration. The project comprises six towers, and UP-RERA will oversee the remaining construction and development work for a total of 761 units.

The progress of construction in the project, based on on-site inspections, is reported at approximately 60-78% completion across different phases. Out of the 761 units, 686 have been sold, leaving 75 unsold units. The estimated cost to complete the project, along with other expenses, is around Rs. 905 million. This funding will come from existing allottees, the sale of remaining units, and an infusion of Rs. 650 million from Floral Realtech.

Under the RERA Act, further extensions for project registration were not possible, and the promoter was directed to submit a plan with the consent of the majority of allottees to complete construction. Elegant Infracon presented its collaboration with Floral Realtech and the consent of allottees to UP-RERA, which reviewed and accepted the project completion plan.

To safeguard allottees' interests and uphold the objectives of the RERA Act, UP-RERA has decided to cooperate fully in completing the project under the provisions of Section 8, along with Sections 6 and 37. Allottees have expressed satisfaction and appreciation for the efforts to complete the project, anticipating early possession of their units with full facilities.

Previously, Floral Realtech had undertaken the completion of another project by Elegant Infracon, and Elegant Splendour, and allottees were content with the project's progress. In the rehabilitation process, Jaypee Kalypso Court received an Occupancy Certificate, while Jaypee Knight Court and Vasundhara Grand have applied for OCs. Plumeria Homes and Unibera Towers are facing challenges due to NCLT proceedings.

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Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has empowered the promoter, Elegant Infracon, to complete the pending construction and development work of the Elegant Ville project in Gautam Buddha Nagar. This decision, made under Section 8 of the RERA Act, comes with the consent of the majority of allottees and in collaboration with Floral Realtech. The project aims to obtain an Occupancy Certificate (OC) within the next 12 months, protecting the interests of stakeholders and allottees. Elegant Ville, situated in Techzone-4, Greater Noida West, was registered in three phases with UP-RERA in 2017. However, construction could not be completed within the valid registration period, resulting in lapses for each phase's registration. The project comprises six towers, and UP-RERA will oversee the remaining construction and development work for a total of 761 units. The progress of construction in the project, based on on-site inspections, is reported at approximately 60-78% completion across different phases. Out of the 761 units, 686 have been sold, leaving 75 unsold units. The estimated cost to complete the project, along with other expenses, is around Rs. 905 million. This funding will come from existing allottees, the sale of remaining units, and an infusion of Rs. 650 million from Floral Realtech. Under the RERA Act, further extensions for project registration were not possible, and the promoter was directed to submit a plan with the consent of the majority of allottees to complete construction. Elegant Infracon presented its collaboration with Floral Realtech and the consent of allottees to UP-RERA, which reviewed and accepted the project completion plan. To safeguard allottees' interests and uphold the objectives of the RERA Act, UP-RERA has decided to cooperate fully in completing the project under the provisions of Section 8, along with Sections 6 and 37. Allottees have expressed satisfaction and appreciation for the efforts to complete the project, anticipating early possession of their units with full facilities. Previously, Floral Realtech had undertaken the completion of another project by Elegant Infracon, and Elegant Splendour, and allottees were content with the project's progress. In the rehabilitation process, Jaypee Kalypso Court received an Occupancy Certificate, while Jaypee Knight Court and Vasundhara Grand have applied for OCs. Plumeria Homes and Unibera Towers are facing challenges due to NCLT proceedings.

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