- Comes forward to complete stranded project
- Over 600 to benefit by the decision
The UP RERA has taken a crucial decision to complete the real estate project that has been suspended for the past seven years. It tightened its belt to complete the project with its own funds. The decision is going to benefit at least 600 buyers. Mist Direct Sales Private Limited floated Festival City project in Sector 143 of Noida in 2012. The project is supposed to give possession to owners by 2015. But, it could not have completed the project so far. It threw off its hands out of helplessness, leading to several buyers approaching the UP RERA. The company did not respond to the notices served by the RERA, forcing it to blacklist the developer. The RERA cancelled the project’s registration.
A representative of the RERA observes, “It is decided to complete the project with the concurrence of buyers of flats in the project. The Mist Avenue Buyers’ Association and Festival City Welfare Association have favourably disposed of in this regard.” There are over 1600 units in the project. The RERA has been making efforts to obtain concurrence of all buyers in the project. So far, 300 buyers gave their concurrence. Concurrence is about to be obtained from others. Once the exercise gets over, the RERA commences construction work.
