UP RERA authorises Jaiprakash Associates to complete Jaypee Greens Knight Court project in 15 months

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has authorised promoter Jaiprakash Associates to complete the remaining work of its project ‘Jaypee Greens Knight Court’ in Noida within 15 months.

The decision was taken at the 55th meeting of the Authority held on January 27 under the chairmanship of Rajive Kumar

It was taken at the request of both the promoter and the association of allottees namely, ‘Knight Court Social Welfare Association’, said a press release issued by UP RERA.

The total cost of completing the remaining work of this project comes to Rs. 145.5 crore, out of which Rs. 40.85 crore will be contributed by the promoter and Rs. 103.35 crore by the allottees. The promoter will contribute Rs. 10 crore upfront within two weeks and start the project within 15 days of the order, the release said further.

The project had been stalled since 2014 and its registration date had lapsed in December 2020. It has eight towers and there are 310 allottees. Not more than 60 per cent of the project work had been completed before it got stalled for a variety of reasons.

Speaking on the occasion, UP RERA Chairman Rajive Kumar said, “The Authority is very serious about its mandate for facilitating the completion of the projects and delivery of houses to the homebuyers. The Authority is continuously monitoring the progress of projects registered with it and has established a Project Management Division (PMD) in its NCR office which is manned by experienced professionals.”

He further said the Authority has also established a Project Monitoring Committee under one of its members, Balvinder Kumar, which will be assisted by PMD and Conciliation Consultant RD Paliwal.

Kumar said the Authority has undertaken close technical and financial study of such projects which are delayed or stalled for any reason and has been continuously exploring the possibility and devising an appropriate model to facilitate completion of such projects by taking both the promoter and the allottees on board.

He expressed satisfaction that the efforts of the Authority in this direction have already started bearing fruit and more and more promoters and association of allottees are coming forward to seek its help and guidance to overcome the difficulties in completion of such projects.

UP RERA Member Balvinder Kumar also expressed satisfaction on the start of the Jaypee project and called upon promoters and allottees of other such projects to come forward for undertaking the balance development work.