Noida: Uttar Pradesh (UP-Rera) Real Estate Regulatory Authority Exercises based on Part 15 Real Estate Law (Regulation and Development), 2016, to revive the jammed project in Sector 62, Noida.
Allocated in December 2005 for institutional purposes, the site was transferred to the new party after receiving approval of more than two-thirds of the buyer.
Rajesh Kumar Tyagi, Secretary, Up-Rera, in the order of being issued on January 4, allows the transfer of plots covering 20,000 square meters (five hectares) belonging to PropiTech Infratech Pvt Ltd with Urbanac building technology.
Propilary has offered a mixed mix of mixed in locations through the Bizlife project.
In addition to having retail space, office and commercial components, a number of service apartments should appear on location.
However, the project remained stranded for more than four years, with only a few construction activities that occurred.
Meanwhile, the buyer who was jammed approached up-ra for relief.
After through the proposal submitted by new participants, 519 of the 750 Allottes gave their agreement for the takeover in November last year, following the regulatory authorities have enabled the rights of moving and project obligations to Urbanac development technology.
Paritosh Goel, company partner, said, “We will complete the project within four years and send it to the buyer.
The corrosive column, pillar, the base will be deleted.
Also, we coordinate with the Noida Authority to sanction our building plan and will soon start working on Location.
“The company has been tied with SBTL, another construction group, to speed up work.
Goel said that taking over the project seems to be financially feasible when the authority of Noida accepts most of the land contributions in advance.
“Only a sum of money in the form of rent leases and time of extra time is delayed, but the soil premium is resolved in advance,” he said.