Uttar Pradesh RERA revives Noida project stuck for four years

NOIDA: Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) exercised powers under
section 15 of the Real Estate (Regulation and Development) Act, 2016, to revive a stalled
project in Sector 62, Noida. Allocated in December 2005 for institutional purposes, the site got
transferred to a new party after taking the consent of more than two-thirds of the buyers.
Rajesh Kumar Tyagi, secretary, UP-Rera, in his order issued on January 4, allowed the transfer
of a plot covering 20,000 square metres (five acres) that belonged to Proplarity Infratech Pvt Ltd
to Urbanac Building Technologies.
Proplarity had offered mixed-use development at the site through its project BizLife. Apart from
having retail spaces, offices and commercial components, a certain number of service
apartments were supposed to come up at the site. The project, however, has remained stranded
for more than four years, with only some construction activity taking place.

Meanwhile, stuck buyers approached UP-Rera for relief. Having gone through the proposal
submitted by the new entrant, 519 of 750 allottees gave their consent for the takeover in
November last year, following which the regulatory authority has allowed transfer rights and
liabilities of the project to Urbanac Building Technologies.
Paritosh Goel, a partner of the company, said, “We are going to complete the project within four
years and deliver it to the buyers. The corroded columns, pillars, plinths will get removed. Also,
we are coordinating with Noida Authority for sanction of our building plan and will soon begin
work at the site.”
The company has tied up with SBTL, another construction group, to speed up the work.
Goel said that taking over the project seemed financially feasible as the Noida Authority
received most of the land dues in advance. “Only some amount of money in the form of lease
rent and time extension charges is pending, but the land premium got settled earlier,” he said.