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UP-RERA allows Jaiprakash Associates to complete Jaypee Kalypso Court

Thursday, 30 Jul 2020
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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has allowed Jaiprakash Associates' (JAL) proposal to complete the remaining four towers of Jaypee Kalypso Court (Phase-II) situated in Sector 128, Noida.

JAL has also been orderd to deposit an upfront amount of Rs 12 crore in a separate account.

The development of Jaypee Kalypso Court started in January 2008 and comprised 15 towers. Out of the 15 towers, four towers (7,8,11,12) having 304 units are yet to be completed. The completion date of the project had lapsed on 1 July 2018.

The Progressive Welfare Society, an association of allottees (AoA) having 152 members of the four towers approached the authority with request to facilitate the remaining development of their allotted units.

The proposal submitted by JAL for the project envisages out of the total, 274 units have been sold and 30 units are yet to be sold. However, 11 units of the towers have been earmarked towards settlement with allottees of other projects of JAL in compliance of the orders of the authority.

The sum of the remaining receivables from the sold units is Rs 90.09 crore and expected receivables from 19 unsold units is about Rs 25.06 crore.

The total cost of completion of the remaining development work of the project is Rs 103.03 crore.

As per details shared by JAL and submissions made by AoA, it owes a sum of approximately Rs 60 crore towards payment of penalty for delay in handing over possession to the allottees as per terms and conditions of the agreement between the parties.

JAL has agreed to contribute a sum of Rs 45 crore for the development of the project out of which the sum of Rs 12 crore will be deposited upfront into the separate account of the project. After taking into account the sum of Rs 45 crore the project has a positive cash flow of about Rs 26 crore.

As per JAL, the project can be completed within 18 months.

With a view to facilitate completion of the project in a time-bound manner, the authority has accepted the proposal of the promoter in the interest of the allottees of the project.

AoA has been ordered to submit, by 16 August 2020, explicit consent by more than 50 percent of the allottees of the four towers to authorise the promoter to undertake the remaining development.

UP-RERA also constituted a project advisory and monitoring committee under the chairmanship of Balvinder Kumar, member, UP-RERA for monthly monitoring of the project.

JAL has been ordered to open a separate account for the project, deposit all its contribution towards the project and all the money received from the allottees as per builder buyer agreements in it. This will be utilised only for the work relating to the construction and development of the project.

The authority will also appoint a chartered accountant for the concurrent audit till completion of the project. The cost thereof will be met from the receipts of the project.

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