The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has appointed Delhi-based consultancy company, REPL (Rudrabhishek Enterprises Ltd.) as third party consultant to monitor physical and financial progress of three stuck projects in Greater Noida.
These projects were stuck and construction was resumed after the intervention of UP RERA who brought developers and homebuyers together to complete the project.
These include Casa Grande 2 of Earthcon Construction Pvt. Ltd; La Palacia of Newtech La Palacial Pvt Ltd; and Unibera Towers of Unibera Developers Pvt Ltd. Total number of units in these projects are 1925 and the estimated cost of completion will be approximately Rs 225.11 crore.
“Many projects are feasible but were stuck due to lack of funding. In some cases, both promoter and buyers approached us for solution. We have restarted construction of such project by forming a monitoring committee,” said Rajive Kumar, Chairman of UP RERA.
REPL will monitor the construction of remaining development work and report to authority as per overall project implementation plan.
“REPL has extensive experience of providing consultancy in real estate sector including its complete project life-cycle. We have similar assignments running on projects of various other developers by providing technical consultancy and PMC assistance,” said CMD of REPL, Pradeep Misra.
REPL will work with all the stakeholders, including the authority and flat owner associations.
“Our priority is to develop and implement proper monitoring & supervision mechanism for time-bound completion of remaining construction works on these projects,” Misra said.
According to Confederation of Real Estate Developers’ Associations of India (CREDAI), around 190,000 units amounting to a valuation of Rs 1 lakhcrore are stuck in Noida, Greater Noida and Ghaziabad.
In Greater Noida alone, at least 36 realty projects are facing insolvency proceedings.
This has impacted around 50,000 home buyers and blocked about Rs 7,000 crore worth of authority dues.
“REPL will review the tendering process, physical performance, and timelines. REPL will also review the fund utilization, and construction quality. Timely delivery of the assignment will bring relief for many people who were worried about their committed investments. We have already started mobilizing special teams on the project and expect to see the things rolling out on ground very soon,” said Satish Sehta (VP- Building Services, REPL).
REPL has been working as consultants for Real Estate projects across the country, including large scale residential townships, group housing, Hi-tech cities and commercial complexes. It is also involved in multiple smart cities, urban infrastructure, planning, GIS, metro, highways and water supply schemes. From UP RERA, it has deployed on similar projects of other builders which have got held-up in middle due to various reasons.