Uttar Pradesh RERA lets builder complete project with homebuyers’ help

The Uttar Pradesh Real Estate Regulatory Authority has allowed ASGI Properties Pvt Ltd and ASG Apple 7 Buyers Association to jointly complete the Apple 7 project in Ghazaibad under the RERA Act.

The completion date of the Apple 7 project was 22 May 2018 and the association of homebuyers had approached the authority to intervene and facilitate the completion of the project.

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The developer of the project submitted the consent of 56 out of 105 allottees to complete the remaining work of the project. The promoter’s proposal was evaluated by the Project Management Authority, which recommended the acceptance of the proposal. The project is cash surplus with probable receivables being 40.75 crore.

The project completion work can be started with the infusion of 1 crore by the developer and existing material at the site. The promoter will be allowed to raise balance receivables from existing allottees of tower S2A in three instalments of 18% every two months starting from June 2021 and the final instalment of 46% on completion of tower in December 2021.

The demand for balance receivables from existing allottees of tower S2B will be raised in eight instalments of 6.15% every two months starting June 2021 and the final installment of 50.8% will be raised on completion of tower in September 2022.

The promoter has to complete the two towers as per the completion plan submitted by it and agreed to by the association. The money will be put in a separate escrow account.

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

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