Ghaziabad: Over 2,400 flats under RERA rehabilitation clause yet to be completed
: In 2022, when nearly 270 buyers of
Jaypee Greens Kalypso Court
became the first in the country to take over the stuck project and see through its completion under UP-Rera's rehabilitation clause, nearly 2,400 flat owners, whose investment were stuck in six stalled projects in Ghaziabad had hoped for reprieve from the real estate regulator too.
But over the years, none of the 2,491 flats in
Antriksh Sanskriti
, La
Casa Ansal Aquapolis
,
Utopia Estate
, ASG Apple 7 and Spring View Heights along national highway 9 and Vasundhara Grand in Atal Chowk have been handed over. The projects were brought under the Rera Act in 2021.
Ashish Kumar, who is waiting for his flat in Antriksh Sanskriti for a decade, said, "None of the flats in our society has been delivered in all these years forcing us to pay home loan EMIs and rents."
The developer began construction of the project in 2015 and was to complete it by July 2022.
Under Section 8 of UP Rera Act, a project whose registrations is revoked—if a promoter has violated the terms and conditions of the registration or committed irregularities—can be brought under the rehabilitation clause, if the builder and at least 50% of the homebuyers approach the real estate regulator with a rehabilitation plan. Once it is brought in, the authority constitutes project advisory and monitoring committees to oversee the development work.
Though taking away a stuck project from the developer and handing it over to others for completion seems to be a quick fix but the success of the model has been tepid.
Real estate and legal experts told TOI that for the model to be successful, it is important for homebuyers to be united in the cause of completing the project. In case of Kalypso Court, homebuyers' association, the builder and UP-Rera were on the same page, they said.
"But in most of the six other stalled projects, there were differences between the two parties. In such cases, the Act alone cannot come to the rescue, which explains the delay," real estate lawyer Rajiv Ranjan Raj said.
An official from UP Rera said paucity of funds was also among the major impediments delaying the completion of the projects. "In many cases, developers, who take up projects under the Act, don't find it lucrative or economically viable as the cost of completing the construction cannot be recovered from the sale of unsold units. In some cases, homebuyers have not cleared their dues," the official said.
According to Rera data, 985 in Antriksh Sanskriti, 660 in Spring View Heights, 320 in Vasundhara Grand, 192 units in La Casa Ansal Aquapolis, 184 in Utopia Estate and 150 in Apple 7 are to be completed under Rera guidance.
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