U.P. RERA authorizes Antriksh Realtech, AoA to complete Antriksh Sanskriti project 

Gautambudh Nagar/Lucknow: U.P. RERA, under provisions of Section-8 of the RERA Act, authorized ‘Antriksh Sanskiriti Welfare Association’ and ‘Antriksh Realtech’ to undertake completion of the remaining construction and development work of “Antriksh Sanskriti” project jointly. The Authority got a detailed proposal of project rehabilitation, with consent of its more than 50 per cent allottees, from the association of allottees (AoA) and requested to re-appoint ‘Antriksh Realtech’ as the promoter of these projects. Stalled since 2014, all 3 registered projects, Antrtiksh Sanskriti Phase 1,  2 and 3.

Antriksh Sanskriti is located in village Chajjarsi, Tehsil Dadri, Gautambuddh Nagar, Uttar Pradesh on NH-24. 

The Authority accepted the completion plan submitted by the promoters, it placed following conditions so that the plan of the completion of the project is executed successfully: 

• Within 15 days of the order, the Association will enter into an agreement for collaboration with promoter and submit the copy, President of AoA and promoter will submit a notarized affidavit about completion of the project and declaration to work as per RERA Act, AoA will submit list of office bearers with name and address, consent of allottees and project completion plan prepared jointly. 

• The promoter will deposit Rs. 20.00 Cr. upfront capital in a separate account and pay Rs. 9.21 Cr to GDA and utilise Rs. 10.79 Cr. to commence construction immediately. The promoter has assured to arrange additional finances to complete the project. This account will be maintained in the name of the project and all the future receipts from the allottees of the project as also from project finances, if any, shall be deposited in this account. The money deposited in this account will be utilized only for the purposes of construction and development of the project. All kind of withdrawals will require approval of CA, engineer and architect of the project and annual audit report will be uploaded on the U.P. RERA portal.

• Under the Chairmanship of Sh. T Venkatesh, Hon’ble member of U.P. RERA, the progress of the project will be monitored by the Project Advisory and Monitoring Committee (PAMC). The committee will comprise of V.C of GDA, Conciliation Consultants- U.P. RERA, Finance controller- U.P. RERA, Technical advisor- U.P. RERA, consultant Project Management Division- U.P. RERA, association of allottees (AoA), promoter and construction consultants appointed by U.P. RERA. The Authority shall appoint a third party construction consultant to monitor the physical and financial progress of the project. 

• All the liabilities and refund orders of U.P. RERA and NCRDC will be addressed by the promoter for uninterrupted construction.

RD Paliwal, Conciliation Consultant, U.P. RERA said, “the project was stalled since 2014 and there was no progress at all. But now it is moving in right direction with collaborative approach of all stakeholders. I wish that the parties abide by their commitments to complete the project and home buyers will get their dream home”. The allottees of Antriksh Sanskriti were delighted with rehabilitation of the project to get their units in near future and appreciated the efforts of U.P. RERA in this regard. After restarting the construction work in the project, the promoter will request allottees to pay their balance receivable amount against their respective unit to ensure uninterrupted construction.  

T Venkatesh, Acting Chairman, U.P. RERA said, “our prime objective is to protect the interests of all stakeholders of stalled projects, especially allottees. Antriksh Sanskriti is the 17^th project in the state wherein we have authorized the promoter and Association of Allottees to complete the remaining construction and development work of the project. We are examining the possibility of facilitating the completion of some more such projects under enabling provisions of RERA Act to stimulate construction in the stalled projects to ensure possession to its allottees. Revival of stalled projects is instrumental to the revival of the real estate sector.” He added that 3 out of 17 projects have applied for Occupancy Certificate to the competent Authority.