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Uttar Pradesh RERA authorises promoter of Vasundhara Grand to complete project

Friday, 20 May 2022
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The Uttar Pradesh Real Estate Regulatory Authority has authorised the promoter of Vasundhara Grand project in Ghaziabad to complete the remaining construction work by May 2023. 
 
This is 13th realty project under rehabilitation to achieve completion under Section-8 of RERA Act. 
 
The construction on the project commenced in 2015 but could not be completed by the promoter Nandini Buildhome Consortium within the period of registration, which lapsed on 16 December 2020. 
 
As per the site inspection report, presently the project is 82 percent complete. Since the promoter had already availed of the entire permissible extension of registration but has submitted a compounded sanctioned layout with a validity till June 2023, the authority considered the request and decided to extend its support for completion of the project under the provisions of Section 8 of the RERA Act read with Section 6, 7 and 37 of the Act. 
 
Out of 320 residential units in two towers and seven commercial units of the project, 244 residential and one commercial units have already been sold. 
 
As per the estimate, Rs 148.40 crore can be raised from the project which includes Rs 66.58 crore from the existing allottees and an amount of Rs 81.81 crore from unsold units. 
 
The estimated cost to complete the project is approximately Rs 67 crore and the project is viable one and can be completed by the promoter with the consent of the allottees of the project. 
 
The promoter has been asked deposit Rs 25 lakh upfront within 15 days from the date of the issue of the order. Moreover, a separate account of the project has be maintained in the name of the project.
 
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