Skytech Colour Avenue alottee gets refund due to mediation of UP-RERA, ET RealEstate

October 11, 2023

NEW DELHI: Uttar Pradesh Real Estate Regulatory Authority’s (UP-RERA) conciliation forum ensured refund of invested fund and repayment of bank loan of an allottee, Ajay Kumar Gupta who had bought a unit in a project, Skytech Colour Avenue, being developed by Jatasya Promoters in Greater Noida West.

The allottee received refund with interest of delay period and get rid of liability of EMIs of home loan availed for the same.

The proposed date of possession was July 2019 but the said project of promoter has been stuck. Hence, the allottee filed a complaint for refund and repayment of bank loan.

Post mediation of the conciliation forum, according to the agreement between the parties, the promoter has agreed to pay Rs. 17.50 lakh including refund of allottee and home loan of the bank. Approximately Rs. 8.30 lakh will be paid to bank to close home loan and Rs. 9.20 lakh will be paid to allottee.

As per agreement for sale, the allottee had booked a unit in the project in January 2014. He had paid almost Rs. 2.25 lakh to the promoter for the unit costing Rs. 23 lakh. Also, the promoter had received Rs. 7.15 lakh via home loan for the same unit. But due to prolonged delay, the allottee filed an official complaint in 2021 for refund and repayment of home loan amount.

Post calculation of all dues, conciliation forum directed the promoter to submit a proposal as per demand of allottee. Based on the proposal of the promoter, the allottee reviewed and agreed to proceed further.

Till date, via bench proceedings and conciliation forum, more than 8,100 matters have been resolved worth Rs 2,940 crore.

  • Published On Oct 11, 2023 at 04:00 PM IST

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