UP Rera allows promotor to complete stuck Elegant Ville project in Noida

The Uttar Pradesh Real Estate Regulatory Authority on Friday allowed a realtor to complete a stuck housing project in Greater Noida.

The UP RERA approved the promotor's plan with the consent of a majority of allottees to complete the remaining construction and development work of Elegant Ville project in Techzone 4 area of Greater Noida West.

According to RERA officials, the project with 761 units was scheduled to be built in four phases and delivered by 2019 but got stuck.

"To protect the interests of the allottees of Elegant Ville, a stuck project of Gautam Buddh Nagar, UP RERA has authorized the promoter to complete the remaining construction and development work under provisions of section 8 of the RERA Act with the consent of its majority of allottees," UP RERA said.

"For this, the promoter of the project, Elegant Infracon Private Limited, has collaborated with Floral Realtech Private Limited and presented a plan of project rehabilitation according to which the project will be completed in the next 12 months to obtain Occupancy Certificate (OC)," it added.

Sanjay Bhoosreddy, Chairman of UP RERA, said the authority is making all possible efforts to protect the interests of all stakeholders, especially allottees, in stuck projects.