UP RERA orders to complete Vasundhara Grand project by May 2023

22 May 2022 CW Team

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has authorised the promoter of the Vasundhara Grand housing project to complete the stalled housing project by May 2023.

The promoter and the association of allottees had approached the UP RERA to intervene in the completion of the remaining project under its supervision so that the allottees could get possession of their flats.

This project was rolled out in 2015 in Ghaziabad but was unable to be completed by promoter Nandini Buildhome Consortium Private Limited by 16 December 2020. Currently, the project is only 82% complete.

From 320 residential and seven commercial units in the two towers, 244 residential and one commercial units have been sold, and 76 residential and six commercial units are yet to be sold.

The project will be monitored by the Project Advisory and Monitoring Committee (PAMC) of the UP RERA under the chairmanship of one of its members and the vice-chairman of the Ghaziabad Development Authority (GDA).

The commission will also have concession advisers, a financial regulator, a specialised counsel especially appointed construction advisers and a design operation division of the UP RERA and association of allottees.

Chairman of UP RERA, Rajive Kumar, told the media that the Vasundhara Grand housing project is the 13th project revived by the UP RERA, and the remaining development will be completed by the promoter in coordination with the allottees of the project.

He said that 12 incomplete projects in Gautam Buddha Nagar and Ghaziabad and one project in Lucknow were being completed either by the promoters or the association of allottees.

The Real Estate Regulatory Authority (RERA) will shift the project to different categories of projects under rehabilitation and monitor its progress quarterly.

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Also read: UP RERA to open microsite to register builders complaints

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