Uttar Pradesh RERA Grants Approval for Elegant Ville Project Rehabilitation

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    The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has taken a significant step to safeguard the interests of allottees in the Elegant Ville project, located in Gautam Buddha Nagar. UP-RERA has authorized the project’s promoter, Elegant Infracon, to move forward with the completion of the remaining construction and development work under the provisions of Section 8 of the RERA Act, with the consent of the majority of allottees.

    Elegant Infracon has partnered with Floral Realtech to present a comprehensive project rehabilitation plan. This plan aims to finish the Elegant Ville project within the next 12 months, ultimately leading to the issuance of an Occupancy Certificate (OC).

    Sanjay Bhoosreddy, Chairman of UP-RERA, emphasized the authority’s commitment to protecting the interests of all stakeholders, with a particular focus on the allottees in stalled projects. Elegant Ville becomes the 18th project to receive approval under Section-8 for rehabilitation, following the consent of allottees and the collaboration of project promoters.

    Background and Phases

    The Elegant Ville project was initially registered in three phases under UP-RERA in 2017. Unfortunately, the construction could not be completed within the valid registration period, leading to the lapse of registrations for Phase-1 in August 2018, Phase-3 in February 2019, and Phase-4 in July 2019.

    Elegant Ville comprises six towers, including Tower C and D in Phase-1, Tower B and E in Phase-3, and Tower A and F in Phase-4. The remaining construction and development work for a total of 761 units in the project will be closely monitored by UP-RERA.

    Current Progress and Allotment

    Based on a site inspection report, construction progress stands at an impressive 75-78% in Phase-1, 74-76% in Phase-3, and 60% in Phase-4. Out of the total 761 units, 686 units have already been sold, leaving only 75 units available for sale.

    Financial Implications

    Estimates suggest that the project’s completion can generate approximately Rs. 120.01 crore in funds. This includes Rs. 65.93 crore contributed by existing allottees and Rs. 47.58 crore from the sale of the remaining unsold units. Additionally, Floral Realtech has committed to infusing Rs. 6.50 crore into the project within the first six months. The estimated cost of completing the project and covering all associated expenses amounts to approximately Rs. 90.5 crore.

    The Role of the RERA Act

    In accordance with the RERA Act, the project had already received the maximum permissible extension of registration in all phases, making further extensions impossible. UP-RERA then directed the promoter to submit a comprehensive plan, backed by the consent of the majority of allottees, to ensure the project’s construction could be finalized.

    Elegant Infracon promptly informed UP-RERA about its collaboration with Floral Realtech, along with the consent of allottees, and presented its comprehensive project completion plan. Following a rigorous review by the Project Management Division, established in the NCR Regional Office, the submitted plan was deemed acceptable.

    Protecting Allottees’ Interests

    In an unwavering commitment to protect the interests of allottees and fulfill the objectives of the RERA Act, UP-RERA has decided to extend full cooperation. This cooperation is in line with the provisions of Section 8 of the RERA Act, alongside Section 6 and 37.

    Allottees Express Satisfaction

    Allottees of Elegant Ville have expressed their satisfaction and appreciation for the project’s rehabilitation order by UP-RERA. They are eagerly anticipating the timely possession of their units, complete with all promised facilities, in the near future.

    Proven Track Record

    Notably, Floral Realtech had previously taken responsibility for completing the remaining construction and development work of Elegant Splendour, another project by Elegant Infracon. Allottees of Elegant Splendour have expressed their contentment with the progress of the project.

    Other Projects Under Rehabilitation

    In the broader context of project rehabilitation, UP-RERA has already granted an Occupancy Certificate (OC) to Jaypee Kalypso Court of Jayprakash Associates (JAL). Additionally, Jaypee Knight Court (JAL) and Vasundhara Grand (Nandini Builtech) have submitted OC applications to the concerned development authorities. However, Plumeria Homes and Unibera Towers face challenges due to ongoing NCLT proceedings.

    In conclusion, UP-RERA’s decisive action to authorize the completion of the Elegant Ville project demonstrates its unwavering commitment to protecting the interests of homebuyers and ensuring the timely delivery of real estate projects. This landmark decision sets a precedent for addressing stalled projects and providing relief to allottees across Uttar Pradesh.

    Also Read: Homebuyers in Noida and Greater Noida to Benefit from UP-Rera’s Anti-Cheating Measures

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