Noida: UP RERA will take the construction of Ajnara Lee Garden Phase-3 project under its supervision, which will be completed by 2025. In this sequence, this is the 16th project, in which demand has been made to complete the remaining development work. Mutual consent of the promoter and the allottees.
When RERA did an on-site inspection of the project, it was found that only 35 percent of the work has been completed. As per reports, a total of 585 units are to be constructed in the four towers. 476 units of the project have been sold, while 109 units are left. Around Rs 187 crore can be raised for the project, out of which Rs 4 crore will be deposited by the promoter in an escrow account and Rs 112 crore will be received from the existing allottees. While about Rs 71 crore can be raised from the sale of the remaining units, the estimated cost of completing the project and all other expenses is about Rs 187 crore.
The Phase-3 project of Ajnara Lee Garden is being constructed by Ajnara Realtech Pvt. Ltd., GH-2 Sector 16, Greater Noida West. The project was launched in 2014 by the promoter of the project M/s Ajnara Realtech Pvt Ltd which was registered with UP RERA in 2017. Whose valid registration period was till 31 December 2020. The construction of the project could not be completed. Under Section 6 of the RERA Act, the promoter had availed 1 year and 6 months due to Covid restrictions. Thus, the registration of the project expired on June 29, 2022. In such a situation, considering the construction stage of this project, the only way to complete the construction was under the provisions of Section 8 of the RERA Act.
The promoter shall deposit an advance amount of Rs. 4 crore in the next 3 months in a separate bank account in the name of the project. The receipt of all future payments, balance amount of allottees and subsidy amount taken from financiers, if any, will be credited to this escrow account.
The progress of the project is monitored by the Project Advisory and Monitoring Committee (PAMC) under the supervision of UP RERA Chairman and one member. Apart from this, the monitoring committee will also include the CEO of GNID, Conciliation Consultant, Finance Controller, Technical Consultant, Specially Appointed Construction Consultant, Project Management Division (PMD) of UP RERA and members from allottee associations.