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The Real Estate regulator UP-RERA has issued a directive to Ajnara Realtech, a realty firm, to complete its stalled housing project in Greater Noida by June 2025. The project, called 'Ajnara Le Garden Phase-3', is situated in Noida Extension and was launched in 2014. However, due to various challenges, it was unable to reach completion. The project consists of four towers with a total of 585 flats, out of which 476 units have already been sold to customers.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) said it has granted authorization to Ajnara Realtech, the existing promoter of the Ajnara Le-Garden Phase-3 project, to resume and complete the remaining construction. The authority has set a deadline of June 2025 for the completion of the project and the delivery of homes to the 476 allottees.
The decision by UP-RERA aims to safeguard the interests of the allottees and ensure the timely completion of the project. An official statement from UP-RERA mentioned that the existing promoter, Ajnara Realtech, has been given consent by over 50% of the allottees to undertake the remaining construction and development work. The completion plan requires the project to be finished within 24 months, with a deadline set for June 2025.
An inspection conducted in April 2022 revealed that only 35% of the overall physical progress of the project had been achieved. To finance the completion, it is estimated that approximately Rs 187 crore can be raised. This includes an upfront contribution of Rs 4 crore from the promoter, Rs 112 crore receivables from the existing allottees, and Rs 71 crore from the sale of unsold units. The estimated cost to complete the project is around Rs 186 crore, which covers various expenses.
The project was initially launched in 2014 and registered with UP-RERA in 2017. However, it failed to meet the completion deadline specified by the valid registration, which was December 31, 2020. While the completion plan submitted by the promoters was accepted by UP-RERA, the regulator directed Ajnara Realtech to deposit Rs 4 crore as upfront capital within the next three months to initiate construction.
To ensure transparency and accountability, UP-RERA mandated the opening of a separate bank account exclusively for this project. The funds deposited in this account should be utilized solely for the purposes of construction and development.
Director of Ajnara Realtech, Ashok Kumar Gupta, expressed satisfaction with UP-RERA's decision, stating that it paves the way for delivering homes to the 585 homebuyers and places significant emphasis on project construction. He acknowledged the collective efforts of the homebuyers, the RERA, and Ajnara Realtech, stating that UP-RERA's proactive step is in the best interest of all stakeholders involved.
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