UP RERA asks Ajnara Realtech to complete stuck project by June 2025

Real estate regulator in Uttar Pradesh has asked realty firm Ajnara Realtech to complete its stalled housing project in Greater Noida, comprising nearly 600 flats, by June 2025.

The project 'Ajnara Le Garden Phase-3', located in Noida Extension (Greater Noida -West), was launched in 2014 but could not be completed. There are 585 flats in four towers in this project, of which 476 units have been sold to customers.

In a statement, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on Monday said it has authorised Ajnara Realtech, the existing promoter of the Ajnara Le-Garden Phase-3 project, to complete the remaining construction.

The promoter has been given time till June 2025 to complete the remaining construction work and ensure possession of homes to 476 allottees, it said.

"UP-RERA, with a view to protect the interests of the allottees of a stuck project... authorised the existing promoter, Ajnara Realtech, to undertake the completion of the remaining construction and development work of Ajnara Le Garden Phase-3 project with consent of more than 50 per cent of its allottees in a time-bound manner and complete it in 24 months, by June 2025," an official statement said.

As per the site inspection report, carried out in April 2022, the overall physical progress of the project was 35 per cent only.

It is estimated that about Rs 187 crore can be raised from the project, which includes the upfront contribution of Rs 4 crore from the promoter, Rs 112 crore receivables from the existing allottees and Rs 71 crore to be raised by selling unsold units, according to the statement.

On the other hand, the estimated cost to complete the project is about Rs 186 crore in various heads, the UP RERA noted.

"The project was launched in 2014 and registered in UP RERA in 2017 but could not be completed within the period of valid registration till December 31, 2020, it said.

While it accepted the completion plan submitted by the promoters, the UP-RERA directed the promoter to deposit Rs 4 crore upfront capital in the next three months to start construction.

The authority directed to open a separate bank account for this project and the money should be utilised only for the purposes of construction and development of the project.