UP RERA revives 4-year stalled projects in Noida

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), under Section 15 of the Real Estate Regulatory and Development Act 2016, proposes to revive stuck projects in Sector 62, Noida.

Secretary of UP-RERA, Rajesh Kumar Tyagi, allowed transferring a 20,000 sq ft plot of Proplarity Infratech Private Limited to Urbanac Building Technologies.

Proplarity Infratech offered mixed-use development at the sites through its BizLife project. Retail spaces, office spaces, Commercial components and service apartments are to come up at the site. The projects were stalled for over four years, with some construction activities ongoing.

The property buyers sought UP-RERA for relief. Out of 750 allottees, 519 were given their consent for the takeover in November 2021, after which UP-RERA allowed the transfer of rights and liabilities to Urbanac Building Technologies.

A partner of Urbanac Building Technologies, Paritosh Goel, said that the company would complete the projects within four years and transfer them to the buyers. The company is coordinating with the Noida Authority for the sanction of the building plan, and the work will begin soon.

The company has collaborated with Solutrean Building Technologies Limited (SBTL) to speed up the project work.

He said that acquiring the project seemed financially feasible since the Noida Authority received most of the land dues in advance. Some money is in the form of lease rent, and time extension charges are pending. However, the land premium has already been settled.

Image Source