UPRERA Gives Hope to Homebuyers Stuck With Realty Projects
<span style="font-weight: 400;">Hundreds of buyers had invested in a project located along the Yamuna Expressway way back in 2011, paying a total amount of Rs 100 crore of which 10 percent was paid by the builder to the authority. Work on the project stalled in 2015. Two years ago, a group of buyers
Published -
Feb 11, 2021 3:39 AM
Hundreds of buyers had invested in a project located along the Yamuna Expressway way back in 2011, paying a total amount of Rs 100 crore of which 10 percent was paid by the builder to the authority. Work on the project stalled in 2015. Two years ago, a group of buyers decided to approach Uttar Pradesh Real Estate Regulatory Authority (UPRERA). The regulatory body after several hearings decided to cancel (deregister) the registration of the Sampada Livia project after complaints of project delay and alleged irregularities by promoter PSA Impex Pvt Ltd, and invited the buyers to take over the project and complete it themselves. “For almost five years there has been no work on site. UPRERA decided to hand over the project to the homebuyers’ body on June 6, 2020 after being satisfied by the detailed project report submitted by the buyers under which buyers have been tasked to complete all 726 units of the project within four years,” Akanksha Aggarwal, who was among the first few buyers to have booked a unit in PSA Impact, and president of the Sampada Livia Buyers (SLB) Welfare Association said. UPRERA has handed over the mandate to complete the project to SLB Welfare which had earlier submitted a detailed project report (DPR), with an estimated net construction cost of ?243.59 crore and a completion deadline of four years from the start construction of the project. The project has 726 sanctioned units, of which 355 have been sold so far. As per the Detailed Project Report submitted before the Authority, the project is cash flow positive, with a surplus of about ?5 crore. The total estimated receivables from sold and unsold units is ?248.49 crore. The buyers are now awaiting re-registration of the project in the name of SLB Welfare.