The company and buyers association had submitted a joint proposal promising to complete the project within 18 months. The construction of two towers with 171 units started in November 2014 but the completion date of the project had lapsed on May 22, 2018.
“Allottees of the project through their association approached the authority requesting to intervene and facilitate the completion of the project. Subsequently, a series of meetings were held with the promoter and the association to understand the issues and to arrive at a consensus on various issues pertaining to the balance development work of the project,” UP RERA said in a statement.
The promoter submitted the consent of 56 of the 105 allottees of the project to its proposal for completing the remaining development work. The project is cash surplus with probable receivables being Rs 40.75 crore.
According to the authority, project can take up instantly with the infusing of promised capital of Rs one crore by the promoter and availability of construction material at site.
The promoter undertook to raise balance receivables from existing allottees of tower S2A in three installments of 18 percent every two months starting from June 2021 and the final installment of 46 percent on completion of tower in December 2021.
The demand for balance receivables from existing allottees of tower S2B will be raised in eight installments of 6.15 percent every two months starting June 2021 and the final installment of 50.8 percent will be raised on completion of tower in September 2022.
The authority has also constituted a project advisory and monitoring committee and will review the progress of the project quarterly.