Page 35 - RERA Performance Report 2020
P. 35

35   U.P. RERA PERFORMANCE REPORT 2020



































      Approach 3: Development of Project jointly by the Promoter & the Association of
      Allottees

      Under this model, the development of the remaining work in the project is jointly
      undertaken by the promoter and the association  of allottees. This  is a  classic win-win
      model where both the promoter and the association of allottees shall benefit from their
      mutual cooperation.


      Most often there are differences between the association of allottees and the promoter of
      the project which lead to litigation and hinder any form of cooperation between them.
      This trust deficit needs to be resolved first before the project development can be taken
      up. The Conciliation Forum at U.P. RERA plays an important role in bringing both the
      parties onto a common platform and resolve the differences between them. Together, the
      parties mutually agree on the terms of the cooperation and present a mutually agreeable
      completion plan to the Authority. Under this model, normally the AOA agrees to the
      development of the remaining work of the project by the promoter itself subject to the
      terms of agreement and the terms and conditions laid down by RERA in this regard.


      Once such a consent is presented by the parties, the Authority constitutes a committee
      under the  chairmanship  of  one  of  its  members  to  scrutinize  the  proposal  and  make
      available its recommendations to the Authority. The  Authority, if  satisfied with the
      proposal,  authorizes the  promoter to  complete  the  balance  development work of  the
      project subject to such terms and conditions as it considers necessary to impose in order
      to protect the interest of the home buyers. The committee   of  the  Authority closely
      monitors the progress of the construction in the project and steps in to resolve any
      disputes/bottlenecks that may arise during the process of development. The Authority
      also appoints a ‘Concurrent Auditor’ to review and report the progress in the project to the
      Committee.

      This approach is ideally suited to such projects where the promoter is keen to complete
      the project but unable to do so either due to the expiry of  registration of the project with
      U.P. RERA or due to differences with the allottees. U.P. RERA has adopted this approach in
      the case of the project ‘Jaypee Kalypso Court (Phase-II)’ of M/s Jaiprakash Associates
      Limited.
   30   31   32   33   34   35   36   37   38   39   40