Jaypee Greens Kalypso Court India’s first project to reach completion under U.P.RERA’s Rehabilitaiton initiative

Gautambudh Nagar/ Lucknow: After obtaining Occupancy Certificate (OC) of last 2 Towers, 11 and 12, Kalypso Court Phase -2 project has become the first project of the country to achieve completion via rehabilitation under provisions of section-8 of RERA Act and supervision of U.P. RERA (Uttar Pradesh Real Estate Regulatory Authority). The promoter obtained the Occupancy Certificate (OC) for last 2 towers of project by New Okhla Industrial Development Authority (NOIDA) on November 17, 2022. Jaypee Greens Kalypso Court Phase -2 is located in JP Wish Town, Sector 128, Noida. 

The promoter can now offer possession to its 154 stuck allottees. Originally 4 towers had been in rehabilitation since July 2020 to complete remaining construction work under provisions of section -8 and in the month of August 2022 the promoter had obtained OC of 148 units in two towers; tower 7 and 8. Now, the promoter has obtained OC of all 304 units in remaining 4 towers that enables promoter to offer possession to its 274 existing allottees and sell the remaining 30 unsold units.

On this occasion, Rajive Kumar, Hon’ble Chairman, U.P. RERA congratulated the Project Advisory & Monitoring Committee, Project Management Division, the promoter and the association of allottees on successful completion of the project. He said, “Today is a big day for the entire real estate sector because a stuck project has achieved completion with OC. The RERA Act was enacted on the backdrop of massive delays in completion of real estate projects and the need for safeguarding the interests of homebuyers. The effective use of provisions of RERA Act in enabling completion of stalled real estate projects is game-changer. I am proud that U.P. RERA has been spearheading this movement and now has overseen the completion of the first project in the country using the provisions of Section 8 of the RERA Act. I am confident that more and more promoters and allottee associations shall utilize this platform for rehabilitating stalled/delayed real estate projects under the aegis of RERA.”

A press release issued by UP RERA says that, presently, UP RERA is facilitating completion of 14 such projects under section 8 of the RERA through joint endeavour of the promoter and the allotees. These projects are under various stages of completion and over 7000 allotees will be able to get possession in these challenged projects on completion.