The completion of Kalypso court, a small part of the Wish Town, Jaypee township in Sector 128, UP, has been a matter of great concern lately as more than 20,000 homeowners await a permanent solution to the prolonged insolvency. This society was launched in 2008 and is the first project of real estate that UP RERA Noida took under the Rehabilitation clause (Section 8), which allows the regulator to take over an unfinished project and assists in its completion under its regulations.
Kalypso court’s residential units were to be completed and handed over to the owners within 39 months of its launch. But by 2016, only 7 towers were completed and handed over at the said time, and the remaining 8 towers were delivered after a year, but the deliverance of 4 towers has stalled since then. The society has 15 towers with around 900 flats, amongst which towers 7, 8, 11 & 12 were taken up by UP RERA Noida for the completion process. Recently, towers 7 & 8 have been completed. The Noida Authority has issued the mandatory occupancy certificates (OC) for the completed towers, wherein 148 homes can be safely delivered to their respective owners. According to the officials, completing the 11th & 12th towers with a total of 126 flats is expected within a month.
see also – UP RERA: Registration Process, Projects, Objectives, Fees and Charges
Some of the country’s most disputed real estate cases come from the NCR region as RERA Noida has had limited luck till now as most of the cases are settled outside the court. According to the UP RERA Noida chairperson, Rajive Kumar, the regulation and the clause of Section 8 is a complete game changer for the real estate industry and giants. He further states, “The effective use of provisions of RERA Noida in enabling the completion of stalled real estate projects is proving to be a game changer. Perhaps, Jaypee Greens Kalypso court project is the first project in the state and the country to have been completed using the clause of Section 8.”
According to the authority, when the homeowners approached UP RERA Noida, the completion cost of the unfinished work was approx. Rs. 134 Crores. The builders took the homebuyers in confidence and convinced them to pay for the unfinished work. Only recently, UP RERA Noida has imposed Section 8 on the project, which can be invoked only if the developer submits the consent of more than 50% of homebuyers.
