NOIDA: The developer and homebuyers will come together to complete 985 flats in a housing society that has hardly seen any development in the past decade.
The move follows an order by UP-Rera to allow the developer of Antriksh Sanskriti and the association of allottees to jointly complete the first phase of the project under its watch. Off NH-9 in Chhajarsi village, Sanskriti was launched in 2010 and was to have 1,600 flats across three phases.
The project, however, has been stalled since 2014, with 985 flats yet to be constructed in the first phase itself. While the registration of phase 1 lapsed in April 2019, those of phases 2 and 3 were revoked by the Ghaziabad Development Authority (GDA) in June last year over mounting dues.
According to a plan submitted to Rera during the hearing, Rs 227 crore may be used to complete the three phases of Sanskriti. A total of Rs 328 crore is expected to be raised from the project — a contribution of Rs 20 crore from the promoter upfront, Rs 67 crore receivables from existing allottees and Rs 241 crore from the sale of flats.
Rera has asked the developer, Antriksh Realtech, and Antriksh Sanskriti Welfare Association (the association of allottees) to complete the project by June 2025.
The regulatory authority has laid down a few strict conditions so that the project is completed in time. For instance, the association will have to enter into an agreement with the promoter and submit a copy to Rera within 15 days of the order. The association will also have to submit details of its office-bearers, the consent of at least 50% of the allottees and the complete project plan.
In terms of funds, the developer will have to deposit Rs 20 crore upfront in a separate account. Of that, Rs 9.2 crore will have to be paid to GDA and the remaining amount could be used to start construction.
A committee under UP-Rera chairperson T Venkatesh will monitor the progress of the project.
“Once the promoter clears the dues, GDA will allow the project to be developed. After that, we will have to get the layout sanctioned once again. If all goes according to the plan, we hope to start construction by the middle of August,” said Jiten Kumar Dalai, the president of the association.
It was in 2017 that the buyers moved Rera regarding the delay in handing over flats. Last year, the association submitted a plan to complete the remaining flats. Rera then considered the proposal for the buyers and Antriksh Realtech to jointly construct the project.
Rakesh Yadav, the director of Antriksh Realtech, said the project was still viable and they would complete the work within the time frame. “Altogether, 1,600 flats are supposed to be built across three phases, with 985 in the first one,” he added.
RD Paliwal, conciliation consultant at Rera, said, “The project is moving in the right direction with collaborative approach of all stakeholders. The parties should abide by their commitments to complete the project in time.”Rera chief Venkatesh said Sanskriti was the 17th such project in the state where the developer and buyers had come together to complete it. “We are examining the possibility of facilitating the completion of more such projects.”