Construction resumes at stuck housing project of Jaypee, homebuyers to monitor work

NEW DELHI: Construction work at Kalypso Court, a stuck housing project in Noida, started on Saturday, a month after the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) allowed the homebuyers to take over the stuck project and get it completed with the help of original promoter.

Kalypso Court is among the five projects at Wish Town that are promoted, sold, and developed by JAL, not Jaypee Infratech Ltd, which is in insolvency resolution.

The promoter has submitted details of project financials along with a plan for completion of the project.

In all, 274 units out of the total 304 sanctioned units in the towers 7, 8, 11, 12 have been sold and 30 units are yet to be sold.

Under the provisions of section 8 of the RERA Act, the authority has devised an approach for both the homebuyers and the promoters.

“The National Capital Region of Uttar Pradesh has seen its share of delays in real estate projects causing misery and suffering to thousands of homebuyers. Most often these delays are due to the promoters failing to adhere to their commitments given to the homebuyers,” said Chairman, UP RERA Rajive Kumar.

Over the course of multiple conciliation meetings, the conciliator led the parties in identifying common ground and deciding the terms on which the project shall be completed.

On its part JAL committed to infuse Rs 45 crore into the project and complete the remaining development work with a period of 18 months, including three months for mobilizing resources.

“We hope that homebuyers get their houses within the new stipulated timeline of this project. There are many viable projects in the NCR where this model can be replicated. The authority is hoping that many more stalled projects can be completed if the AoA and promoter can mutually work together under this model towards the completion of the project,” said Balvinder Kumar, member, UP RERA.

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The authority will review the progress of the project on a quarterly basis.

Based on the audit done by Currie & Brown, it was reported that 40 projects of Gautam Buddh Nagar district have been found as net worth positive and are viable for completing the projects under this model in the future.

“The authority has been extremely proactive – they set up a reconciliation committee to help restart the project. Last month we received an order to this effect,” said Jayesh Patel, a homebuyer.

Jaiprakash Associates Ltd registered the project ‘Jaypee Kalypso Court (Phase- II)’ with UP RERA with a proposed completion date of July 1, 2018.

It is a multi- tower group housing development project located in Sector 128, Noida.

The construction started in January 2008 and comprised of 15 towers.



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