UP RERA began process to collect data of actual allottees of Festival City

A link has been live on the home page of UP RERA, www.up-rera.in, to collect the data of actual allottees of Festival City, an under construction real estate project located at Noida Expressway. Since the original promoter, M/s Mist Direct Sales Pvt Ltd, was not providing data of the existing allottees to the association of allottee were facing a hurdle to submit the proposal of construction of the project. On the request of the allottees, UP RERA took this step to bring all the allottees of the project on one platform. Actual allottees of the project can enter their complete details by clicking on this link.

For identification of the genuine allottee, apart from submitting the details, each allottee has to submit the necessary documents to prove their ownership. For this, all allottees have to submit a copy of the builder buyer agreement / agreement of sale issued by the promoter or a copy of the receipt of the amount paid for the unit booked or any other proof of transactions done for the project from their own bank account etc. as an evidence. Through this process, along with collecting the information and number of actual allottees, the Authority will be able to know the funds collected in the name of the project.

Based on the above data, the Authority will calculate the funds to be collected from the existing allottees of the sold units and an estimated amount that can be raised from sale of unsold units against the estimated cost of complete construction of the project. This exercise will enable the Authority to ascertain the feasibility or viability of the project and take necessary steps on the possibilities of redevelopment of the project under Section 8 of the RERA Act.

The commercial project, Festival City, was being developed by M/s Mist Direct Sales Pvt. Ltd. on Noida Expressway. The promoter stopped construction work completely. Hence, the troubled allottees approached UP RERA to intervene. Moving further, the Authority cancelled the registration of the project by taking necessary action under the provisions of the RERA Act. After this, for completion of the project under the provisions of the RERA Act, the first opportunity had been offered to the allottees of the project through public notice followed by the concerned development authority.

An association of allottees, who were willing to complete the construction, approached the Authority and tabled a proposal of project completion. On the same the association sought ahe help of the Authority to collect the data of the actual allottees and requested to take necessary steps. With this process, it will be easy for the association to contact all the allottees of Festival City and submit a better proposal for project construction. Taking cognizance of this request, the Authority provided the link on the website.