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Construction work on stuck Knight Court project of Jaypee Greens resumes

Construction work atJaypee Greens Knight Courthas started as theReal Estate Regulatory Authority(RERA) of Uttar Pradesh authorised realty developerJaypee AssociatesLtd to complete the stalled Jaypee GreensKnight Court projectin Noida in co-operation with Association of Allottees.

Knight Court is among the five projects at Wish Town that are promoted, sold, and developed by JAL, not

Jaypee Infratech Ltd

, which is in insolvency resolution.

More than 300 homebuyers of the project along with senior members of RERA attended the “Pooja Ceremony” which was organised at the site by the Jaypee Associates in association with the allottees.

The project will be completed now within 15 months which had been stalled since 2014 and the registration date of the project had lapsed in December 2020.

The group

housing development

project located in Sector 128, Noida, has eight towers and there are 310 allottees. Not more than 60% of the project work had been completed before it got stalled for a variety of reasons.

“The authority is serious about its mandate for facilitating the completion of the projects and delivery of the houses to the homebuyers. The authority is hopeful that many stalled projects will be completed under this win-win partnership for both homebuyers and promoters,” said Rajive Kumar, chairperson, UP RERA.

The total cost of completing the remaining work of this project comes to Rs. 145.5 crore out of which Rs. 40.85 crore will be contributed by the promoter and Rs 103.35 crore by the allottees.

“This initiative of the authority will be proved to be a milestone for the stalled projects in the real estate sector of the state. Authority is in frequent touch with promoters and allottees of such projects. They may approach the Authority for guidance and working out an appropriate mechanism for their completion of such projects,” said Member UP RERA Balvinder Kumar.

The authority has decided to closely monitor the progress of this project through the ‘Project Advisory and Monitoring Committee’.

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