Noida: UP RERA will take the construction of the Ajnara Lee Garden Phase-3 project under its supervision, which will be completed by 2025. This is the 16th project in this sequence, in which the remaining development work has been sought to be completed with the mutual consent of the promoter and allottees.
RERA carried out an on-site inspection of the project, and 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. The project has sold 476 units, whereas 109 units remain. About 187 crores can be raised for the project, of which 4 crores will be deposited by the promoter in an escrow account and 112 crores will be received from the existing allottees. whereas about Rs 71 crore can be raised from the sale of the remaining units, and the estimated cost of completing the project and all other expenditures is around Rs 187 crore.
The Phase-3 project of Ajnara Lee Gardens is being constructed by Ajnara Realtech Pvt. Ltd. at GH-2 Sector 16, Greater Noida West. The project was launched in 2014 by the promoter of the project, M/s Ajnara Realtech Pvt., registered in 2017 in UP RERA. Whose valid registration period was until December 31, 2020. The construction of the project could not be completed. Under Section 6 of the RERA Act, the promoter had availed of the benefit of 1 year and 6 months due to the restrictions of Kovid. Thus, the registration of the project ended on June 29, 2022. In such a situation, looking at the construction level of this project, the only way to complete the construction was under the provisions of Section 8 of the RERA Act.
The promoter will deposit the advance amount of Rs. 4 crore in the next 3 months in a separate bank account in the name of the project. In this escrow account will be deposited the receipt of all future payments, the balance amount of the allottees, and the subsidy amount, if any, taken from the financiers.
The project progress monitoring is done by the Project Advisory and Monitoring Committee (PAMC) and one member under the supervision of the UP RERA Chairman. Apart from this, the monitoring committee will also include the CEO of GNID as well as the Conciliation Advisor, Finance Controller, Technical Advisor, Specially Appointed Construction Consultant, Project Management Division (PMD) of UP RERA, and members from the allottee association.
