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In a recent development, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has given the green light to Elegant Infracon, the promoter of the Elegant Ville project, to finalize the remaining construction work. This decision comes as part of a collaborative effort with Floral Realtech, aiming to rehabilitate the project and secure an Occupancy Certificate (OC) within the next year.
Elegant Ville, located in Gautam Buddha Nagar, had faced construction delays, leaving many allottees in a state of uncertainty. To safeguard their interests, UP-RERA has invoked section 8 of the RERA Act, allowing the promoter to proceed with the construction, contingent upon the consent of a majority of the allottees.
Sanjay Bhoosreddy, the chairman of UP-RERA, emphasized the authority's commitment to stakeholders, stating that their primary focus is to protect the interests of allottees within stalled projects.
The project, divided into three phases, was initially registered with UP-RERA in 2017. However, due to unforeseen challenges, the construction couldn't be concluded within the stipulated timeframe. As a result, the registration for Phase-1 expired in August 2018, followed by Phase-3 in February 2019, and Phase-4 in July 2019.
The Elegant Ville project comprises of six towers, with Towers C and D in Phase-1, Towers B and E in Phase-3, and Towers A and F in Phase-4. The pending construction encompasses a total of 761 units, all of which will be closely monitored by UP-RERA to ensure timely completion.
Site inspections have shown that construction in Phase-1 is approximately 77% complete, Phase-3 stands at 75%, and Phase-4 is 60% done. Of the 761 units, 686 have already been purchased, leaving 75 units available for sale. Financial projections estimate that the project can generate Rs. 120.01 crore upon completion. This sum includes Rs. 65.93 crore from current allottees and an additional Rs. 47.58 crore from the sale of the remaining units. Furthermore, Floral Realtech has committed to investing Rs. 6.50 crore in the initial six months. The total cost to wrap up the project is pegged at around Rs. 90.5 crore.
Given the constraints of the RERA Act, UP-RERA had previously sought a comprehensive plan from the promoter, ensuring the majority of allottees were on board. Elegant Infracon's subsequent collaboration with Floral Realtech and the presentation of their completion plan received a nod of approval from the Project Management Division at the NCR Regional Office.
In light of these developments, UP-RERA has pledged its full support to the project, invoking Sections 6, 8, and 37 of the RERA Act to guarantee its completion.
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