The construction of the Ajnara Lee Garden Phase-3 project will be undertaken by UP RERA.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has assumed the responsibility of supervising the construction of the Ajnara Lee Garden Phase-3 project, set to be completed by 2025. As the 16th project in the sequence, it has been decided to finish the remaining development work through the mutual consent of the promoter, Ajnara Realtech Pvt. Ltd., and the allottees. A recent on-site inspection conducted by RERA revealed that only 35 percent of the project’s work has been completed.
The Ajnara Lee Garden Phase-3 project is located at GH-2 Sector 16, Greater Noida West, and was initially launched in 2014 by the promoter, M/s Ajnara Realtech Pvt. Ltd. The project was registered with UP RERA in 2017, and its valid registration period was set until December 31, 2020. However, due to the restrictions imposed by the COVID-19 pandemic, the promoter availed of a benefit of 1 year and 6 months under Section 6 of the RERA Act. Consequently, the project’s registration came to an end on June 29, 2022.
As per reports, the project consists of four towers, and a total of 585 units are to be constructed. Up until now, the project has sold 476 units, leaving 109 units yet to be allocated. To complete the project, an estimated budget of Rs. 187 crores is required, which includes the cost of construction and other expenditures.
To finance the project, approximately Rs. 187 crores can be raised. The promoter is contributing Rs. 4 crores, which will be deposited in an escrow account. An additional Rs. 112 crore will be received from the existing allottees. Furthermore, about Rs. 71 crore is expected to be generated from the sale of the remaining 109 units.
Given the completion status of the project and the expired registration, UP RERA’s intervention was necessary to ensure its successful execution. Under Section 8 of the RERA Act, the authority can step in to oversee the project and facilitate its completion. By assuming control, UP RERA aims to safeguard the interests of both the promoter and the allottees, fostering transparency and accountability throughout the process.
UP RERA, in collaboration with the promoter and the allottees, has formulated a comprehensive plan to complete the project. The primary focus is on meeting the construction deadline of 2025 while ensuring the project adheres to all necessary regulations and quality standards. The remaining development work will be executed diligently, prioritising the construction of the remaining 109 units and essential amenities to make the project livable.
To ensure transparency, UP RERA will regularly update the allottees and stakeholders about the progress of the construction work. They will conduct periodic inspections and assessments to monitor the project’s advancement, ensuring that it stays on track to meet the stipulated deadline.
The intervention of UP RERA to take over the Ajnara Lee Garden Phase-3 project comes as a significant step towards its timely completion. With a thorough plan, transparent approach, and collaborative efforts from the promoter and allottees, the project is poised to become a successful real estate venture in Greater Noida West. This initiative showcases the vital role played by regulatory authorities in protecting the interests of homebuyers while driving the growth and development of the real estate sector in Uttar Pradesh.
The promoter of the project has committed to depositing an advance amount of Rs. 4 crores within the next three months. This sum will be transferred to a dedicated bank account established specifically for the project, commonly known as an escrow account. The purpose of this account is to ensure transparency and proper management of the project’s finances.
The escrow account will receive all future payments from the allottees, including the balance amounts to be paid by them. Additionally, any subsidy amounts obtained from the financiers will also be deposited into this account. By centralising these funds in the escrow account, it becomes easier to track and manage the project’s financial transactions.
To ensure effective project progress monitoring, a Project Advisory and Monitoring Committee (PAMC) has been established. This committee operates under the supervision of the Chairman of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). One member of the PAMC will specifically oversee the project’s monitoring activities.
The monitoring committee consists of several key individuals, including the Chief Executive Officer (CEO) of the Greater Noida Industrial Development (GNID), the Conciliation Advisor, the Finance Controller, the Technical Advisor, a Specially Appointed Construction Consultant, and the Project Management Division (PMD) of UP RERA. Furthermore, members representing the allottee association will also be included in the monitoring committee.
This comprehensive composition of the monitoring committee ensures that various perspectives and expertise are brought together to effectively oversee the progress of the project. By involving stakeholders from different domains, such as finance, construction, and real estate regulation, the committee can address any issues that may arise and make informed decisions to facilitate the successful completion of the project.