Source:Hindustantimes

The development comes more than one year after the Uttar Pradesh Real Estate Regulatory Authority handed over the project in Sector Chi-5 to the homebuyers’ association to finish construction and deliver the flatsThe homebuyers of Sampada Livia, a stuck housing project in Greater Noida, on Wednesday started work on the project and said that four towers will be delivered in the next two years. The development comes more than one year after the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) handed over the project in Sector Chi-5 to the homebuyers’ association to finish construction and deliver the flats.

Officials of the UP-Rera said that it is for the first time in the state that homebuyers will finish a project after the real estate developer failed to deliver it. On September 30, 2019, the regulator put the developer — PSA Impex Private Limited — into defaulters’ category and cancelled the registration of the project. On June 6, 2020, it allowed the homebuyers’ association to take over the project.

The UP-Rera will assist and monitor the work of this project, the officials said, adding that the move gives hope to other buyers who have failed to get their flats in stuck housing projects.

Office bearers of Sampada Livia buyers welfare association said that PSA Impex had challenged the UP-Rera’s order in the Allahabad high court that rejected its petition in March this year.

We are so happy that finally we have got the opportunity to deliver the flats to all aggrieved homebuyers. We have hired a contractor for the job, and will deliver four towers in the next two years,” said Dr Akanksha Aggarwal, president of the association.PSA Impex had launched the project on 5 acres of land in 2011 with assurances that the flats would be delivered in 2014-15. It had planned for 10 towers with 24 floors each and a total of 726 units. When the developer failed to deliver, completing only 10% of the project, homebuyers under the banner of Sampada Livia buyers’ welfare association filed a plea in the UP-Rera in June 2018. The same year, real estate firm’s chief executive officer Diwakar Sharma, who was booked in several cases for cheating and fraud, among others, was jailed.

According to an audit by the Greater Noida authority, the developer had sold 355 of the 726 units. It estimated that the unsold flats would go for ₹233.50 crore and unsold commercial space could rake in ₹6.4 crore, said an authority official.KN Mishra from buyers’ legal team said, “We are likely to rope in a marketing agency that will be engaged in selling off remaining units and commercial space to raise funds for the construction.”

The UP-Rera officials said that this project will inspire other buyers to take that route in stuck projects, where realtors have deserted them.The homebuyers successfully took over the project after a long legal battle. Now, they have restarted the project. It will inspire other buyers to come forward and use this legal route to finish the stuck projects. There are at least 13 such cases, where buyers can take up the project after going through the legal route,” said Balvinder Kumar, member of UP-REstate

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