First Project Completed Via Rehabilitation under RERA
Jaypee Greens Kalypso Court Phase -2, located in JP Wish Town Sector 128 of Gautam Buddh Nagar, has received the required occupancy certificate (OC) for its remaining two towers. According to a statement issued by UP Real Estate Regulatory Authority (UP RERA) after obtaining the OC of its remaining two towers, 11 and 12, Jaypee Greens Kalypso Court Phase-2 has become the first project in the country to achieve completion via rehabilitation under provisions of Section 8 of RERA Act under supervision of UP RERA. The promoter Jaiprakash Associates Limited (JAL) obtained the OC for the last two towers of the project from Noida Authority on November 17, 2022, the statement said. Following the successful receipt of the OC of 154 units in both towers, the promoter can now offer possession to allottees who have been stuck for over a decade, the statement said. The homebuyers had booked their flats in the project in 2010-11, but the developer Jaiprakash Associates Ltd was only able to complete and deliver four towers before the expiry of its RERA registration. The project was rehabilitated by UP RERA under the provisions of Section 8 of the RERA Act. Section 8 of the RERA Act allows for stripping the developer of the stuck projects and handing those over to competent authorities or to an association of homebuyers. In this case, the project was taken over by the allottees of Jaypee Greens Kalypso Court Phase-2 project. As of now, the promoter has obtained OC of all 304 units in the remaining four towers, enabling the promoter to offer possession to the 274 existing allottees and to sell the remaining 30 unsold units The Kalypso Court project in Noida is the first among 14 other projects in the state that will be completed under the supervision and monitoring of the regulatory authority. Rajive Kumar, Chairman, UP RERA, said that the Kalypso Court project, which was under rehabilitation, can set a trend for the completion of other stuck projects via this route.” Presently, UP RERA is facilitating the completion of 14 such projects under Section 8 of RERA through joint endeavors of promoters and allottees. These projects are under various stages of completion, and over 7,000 allottees will be able to get possession of these challenging projects on completion.
Tags : Jaypee Greens Kalypso Court Phase -2 UP Real Estate Regulatory Authority OC Jaiprakash Associates Limited Rajive Kumar Chairman UP RERA