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In a significant development, the builder and homebuyers have joined forces to complete 985 flats in the Antriksh Sanskriti housing society, which has faced prolonged delays since 2014. The decision comes after the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) issued an order allowing the developer, Antriksh Realtech, and the association of allottees to jointly undertake the completion of the project's first phase under its supervision.
Located off NH-9 in Chhajarsi village, Sanskriti was initially launched in 2010 with plans for a total of 1,600 flats across three phases. However, the project has been at a standstill since 2014, with 985 flats in the first phase remaining unfinished. While the registration for phase 1 expired in April 2019, the Ghaziabad Development Authority (GDA) revoked the registrations for phases 2 and 3 in June last year due to outstanding dues.
To finance the completion of all three phases, a plan submitted to RERA during the hearing suggests utilizing Rs 227 crore. The funds are expected to come from various sources, including Rs 20 crore from the promoter upfront, Rs 67 crore from existing allottees, and Rs 241 crore from the sale of flats. RERA has set a deadline for the project's completion, requiring Antriksh Realtech and the Antriksh Sanskriti Welfare Association (the association of allottees) to finish the project by June 2025.
RERA has imposed strict conditions to ensure timely completion. The association must enter into an agreement with the promoter and submit a copy to RERA within 15 days of the order. Additionally, the association is required to provide details of its office-bearers, obtain consent from at least 50% of the allottees, and present a comprehensive project plan.
Regarding funds, the developer must deposit Rs 20 crore upfront into a separate account, with Rs 9.2 crore to be paid to the GDA and the remaining amount allocated for initiating construction. The progress of the project will be monitored by a committee led by UP-RERA chairperson T Venkatesh.
Buyers had approached RERA in 2017 to address the delays in handing over the flats. Last year, the association submitted a proposal outlining the plan to complete the remaining flats. RERA considered the joint construction proposal put forth by the buyers and Antriksh Realtech. Rakesh Yadav, the director of Antriksh Realtech, assured that the project is still viable and that they are committed to completing the work within the specified timeframe. He added that a total of 1,600 flats were planned across the three phases, with 985 in the first phase.
RD Paliwal, a conciliation consultant at RERA, commended the collaborative approach taken by all stakeholders, affirming that the project is moving in the right direction. Paliwal emphasized the importance of honouring commitments to ensure the project's timely completion. UP-RERA chief Venkatesh noted that Sanskriti is the 17th project in the state where developers and buyers have joined forces to complete stalled projects. He also mentioned the authority's exploration of further possibilities for facilitating the completion of similar projects.
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