U.P. RERA authorizes Promoter of Vasundhara Grand Project to Complete the Remaining Construction Work

Gautam Budh Nagar/Lucknow, May 19: U.P. RERA, with a view to protect the interests of the allottees of the Vasundhara Grand housing project, authorized the promoter to undertake the completion of the remaining development and construction work of the project in a time-bound manner and complete it by May 2023 as per the consent provided by the association of the allottees. Taking in to account the facts of the matter, the Authority noted that the project commenced in the year 2015 but could not be completed by the promoter Nandini Buildhome Consortium Pvt. Ltd. within the period of registration i.e, December 16, 2020. Presently, as per the site inspection report, the project is only 82% complete. Both the promoter and the association of allottees approached U.P. RERA to intervene in the matter and facilitate the remaining development work of the project under its close supervision so that the allottees of the project could get the possession of their unit in near future. 

Since the promoter had already availed of the entire permissible extension of registration but he has submitted a compounded sanctioned layout with a validity till June 2023, the Authority considered the request from the promoter and association of allottees of the Vasundhara Grand project and decided to extend its support for completion of the project under the provisions of section 8 of the RERA Act read with Section 6, 7 and 37 of the act. 

The Authority has established a project management division in its NCR regional office at Gr Noida and the completion plan of the project submitted by the promoter with the written consent of more than 50% of their allottees through their registered association was thoroughly scrutinized through this division. The Authority, based on the report of its project management division, was satisfied that the completion plan as submitted by the promoter was worth accepting for the protection of the interest of the allottees and furtherance of the objects of the act.

The Vasundhara Grand project being developed by M/s Nandini Buildhome Consortium Pvt. Ltd. is located at Sector-15, Vasundhara Yojna in Ghaziabad. 

Whereas the Authority accepted the completion plan submitted by the promoter, it placed following strict conditions so that the plan of the completion of the project is executed successfully: 

• The promoter will deposit Rs. 25 lakh upfront within 15 days from the date of the issue of the order i.e; by 30th May 2022. Also, a separate account of the project shall be maintained in the name of the project and all the future receipts from the allottees of the project as also from project financers, if any, shall be deposited in this account. The money from this account will be utilized only for the purposes of construction and development of the project in conformity with the relevant provisions of the RERA act and as per the relevant direction of the Authority under order dated 17th May 2022. 

• The progress of the project will be monitored by the Project advisory and monitoring committee PAMC of U.P. RERA under the chairmanship of one of its member and comprising Vice-Chairman of Ghaziabad Development Authority (GDA) along with Conciliation consultants, Finance controller, Technical advisor, specially appointed construction consultants and project management division (PMD) of U.P. RERA, and association of allottee.
• The Authority will shift the project to the special category of projects under rehabilitation and monitor its progress quarterly. 
• Taking in to account the larger interest of allottees, it was decided that no allottee will be allowed to withdraw from the project till its completion. Similarly enforcement of the orders passed previously by the Authority will be kept on hold to ensure the uninterrupted flow of liquidity required for completion of the project within the stipulated time.

The allottees of Vasundhara Grand were delighted with the prospect of getting early possession of their houses as per the rehabilitation of the project and appreciated the efforts of U.P. RERA in this regard. On this occasion Rajive Kumar, Chairman, U.P. RERA said, “we are striving to protect interests of all stakeholders of stuck projects especially allottees. Vasundhara Grand is the 13th project wherein the remaining development work is sought to be completed by the promoter in understanding with the allottees of the project or alternatively association of allottees who are approaching. We are examining the possibility of facilitating the completion of some more such projects under enabling provisions of RERA Act to stimulate construction in the sector and to ensure completion of such projects leading to the revival of the sector and delivery of houses to the consumers.” He added that presently 12 projects in Gautam Buddha Nagar and Ghaziabad and 1 project in Lucknow are being rehabilitated through either the promoters or the association of allottees.