Real Estate

Real Estate Transactions

Uttar Pradesh RERA revives Noida project stuck for four years

Economic Times  

Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has revived a stalled project in Sector 62, Noida. Allocated in December 2005 for institutional purposes, the site got transferred to a new party after taking the consent of more than two-thirds of the buyers. UP-Rera allowed the transfer of a plot covering 20,000 square metres (five acres) that belonged to Proplarity Infratech Pvt Ltd to Urbanac Building Technologies. Proplarity had offered mixed-use development at the site through its project BizLife. The project was to have retail spaces, offices and commercial components, and service apartments. However, it has remained stranded for more than four years.