Homebuyers happy as Kalypso Court project obtains OC

NOIDA: The homebuyers of Jaypee Group’s Kalypso Court project in Noida’s Sector 128 are upbeat as the last two towers of the housing society comprising 156 units obtained occupancy certificate on Friday, clearing all hurdles for flat registry and possession.

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) said that it is the first project that got completed under its supervision under Section 8 of the Rera Act, 2016, under which it invites buyers to choose their construction contractor when the promoter fails to complete the project in the stipulated time. The homebuyers had chosen Jaiprakash Associates Limited in the year 2020, as their contractor to finish the incomplete towers.

The Kalypso Court project was part of the debt-ridden Jaypee Group’s Wish Town project along the Noida-Greater Noida Expressway.

The Kalypso Court project was launched in 2007 and was to have 1,140 residential units. However, the developer missed its 2010-2011 deadline, forcing 304 homebuyers to approach the UP-Rera in 2019. A total of 304 units in towers 7, 8, 11, 12 were not delivered in accordance with the schedule.

“Our 156 remaining flats are now ready for registration as the OC has been sanctioned. We are happy because we waited for more than a decade to get this project completed. In around a month’s time, the homebuyers can get the flat registry executed and shift into their homes. We are indeed happy,” said Jayesh Patel, president of the Kalypso Court apartment owners’ association.

“It’s a big deal in the real estate sector because a stuck project has achieved completion. The Rera Act was enacted against the backdrop of massive delays in the completion of the project. The effective use of provisions under the Rera Act in enabling completion of stalled real estate projects is a game-changer. I am confident that more and more promoters and allottee associations will utilise this platform for rehabilitating delayed real estate projects under the aegis of Rera,” said Rajive Kumar, chairman, UP-Rera.