New Delhi: In what could be a first for the real estate sector of Uttar Pradesh, a promoter has taken over a project that has been stalled for years under the aegis of UP RERA. Noida-based Urbanac Building Technologies LLP has begun the acquisition of a stuck commercial project, Biz Life, as per Section 15 of UP RERA.
 
The entire process of project acquisition is being done under the supervision of experts of UP RERA, following all the rules. The construction work is expected to start soon again. As a promoter, Urbanac Building Technologies LLP and Soltrain Building Technology Limited (SBTL) as a construction partner will develop the project jointly. 
 
This acquisition will also overlay the way for a new era of finding new promoters, acquisition, and resolution of construction of other stalled projects in the state. The move could bring about improvement in the real estate sector. 


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The step will also give impetus to the measures taken by UP RERA for patient project rehabilitation for stalled/unfinished projects and buyers will be able to find a way of project resolution beyond the lengthy judicial processes.


More than two-thirds (2/3) of the existing investors and allottees of the project have also given their consent in favor of this acquisition. After several rounds of meetings by UP RERA with promoter and buyers, and complete satisfaction on all aspects of project rehabilitation and completion of the project, finally UP RERA allowed the process of project acquisition as per section 15.


According to Paritosh Goel, Managing Partner, Urbanac Building Technologies, “We are grateful to UP RERA for reviewing the project rehabilitation plan submitted by us and after duly knowing, understanding, and satisfying all the aspects, granted the acquisition of the project. Strengthening the confidence of all the investors and buyers, our priority will be to implement the approved project rehabilitation plan as soon as possible and proceed with the construction." 
 
At this juncture, Sandeep Sahni, Chairman, SBTL said, “This is the first such acquisition in the district and we want to assure that the existing allottees that we will take every step for the betterment of the project. We will soon start the project site once the remaining formalities of UP RERA are completed. We will set up the office, rename the project, and begin the construction work soon after approval of the new map."


This project is located in Sector 62 of Noida, one of the most expensive commercial locations of Gautam Buddha Nagar. This 20000 square meter area project on Plot No. A-46 will now be constructed by SBTL (Soltrain Building Technology Limited) under the supervision of Urbanac Building Technologies as a promoter, which is presently engaged in the construction of various commercial and IT projects in various sectors of Noida. Also Read: Check SBI’s service charges on IMPS, NEFT and RTGS transactions– See complete chart here


The project was registered in UP RERA in August 2017 whose registration number is UPRERAPRJ6807. Distracted by the delay in the construction of this project, the allottees formed a Buyers Welfare Association and appealed for proper resolution of the project in UP RERA. After which the project rehabilitation plan was presented jointly by Urbanac Building Technologies LLP and SBTL before UP RERA by the former directors. Also Read: Vivo V23 series with colour changing back panel launched in India: Price, features, specs


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