The UPRERA exercising powers vested to it under Section 15 of the RERA Act 2016, it revived a project that was stranded four years ago in Sector 62, Noida.
Allotted to meet organizational needs in Dec 2005, the site was allotted to Proplarity Infratech Private Limited. But, it transferred to a new party. It also started a Biz Life project there to build office space, commercial space and some service apartments.
But the project stalled mid-way. In this backdrop, several buyers have approached the UPRERA. Therefore, the UPRERA decided to transfer full rights on the site to another firm and initiated measures in this regard. Out of 750 buyers of properties in the project, 519 gave their consent to transfer the land in November last year. As a result, the RERA transferred 20000 square meters of the site to Urbanac Building Technologies. UPRERA secretary Rajeshkumar Tyagi issued orders to this extent. Partner of the firm Paritosh Goel said that the project would be completed in four years to hand over properties to owners.
Consultations are underway with Noida Authority to get the building plan approved, he said adding, the work would commence as and when the plan gets approval. To complete the project as early as possible, Urbanac decided to work in close coordination with another firm BTL.
