In a bold first in Gujarat, state authorities have decided to hand over a stalled real estate project to its allottees for completion. The move targets the World Trade Center (WTC) in GIFT City, where Towers B and C remain unfinished after the original promoter was arrested by the Enforcement Directorate (ED) in a fraud case.
A committee led by the chief secretary reportedly resolved that the association of allottees will complete the work. It has emerged that Tower B allottees are forming an association, while Tower C members have already formed one and are registering it as a society.
The handover depends on whether the allottees raise funds and hire contractors. If they do, GIFT City will revive the project lease, currently cancelled. A new promoter will also be added to the GujRERA registration certificate.
The decision followed a reference by GujRERA to the state government under Section 8 of the Real Estate (Regulation and Development) Act, 2016. The reference sought guidance on completing the two towers after lapsed timelines.
The issue was discussed in a meeting last September with then chief secretary Pankaj Joshi, GujRERA chairperson Anita Karwal, urban development principal secretary M Thennarasan, and GIFT City MD and CEO Sanjay Kaul. According to a report, the final decision came a few days ago.
The project, launched by WTC Noida Development Company Pvt Ltd, includes Towers A, B, C, and D. All four towers are registered with GujRERA as ongoing projects. Towers A and D are complete and have Part Occupation Certificates. Progress on Towers B and C is uneven. March 2024 RERA filings showed Tower B (G+28) 79% complete and Tower C only 29% complete.
Unnamed officials revealed that G+10 RCC work for Tower C is done but not uploaded on RERA. Allottees have filed around 90 complaints with GujRERA for possession, 42 for Tower C.
Officials in the know told a media outlet that the committee discussed Section 8 of the RERA Act and its obligations when project registration lapses.
They noted the registrations of both towers had been cancelled. The committee decided that the association of allottees would complete the work, with state help for forming the association.
GujRERA, GIFT City, and the urban development and housing department would coordinate.
The move reportedly aims to secure possession for buyers while keeping regulators and GIFT City authorities involved in monitoring the project.
Also Read: Tall, Stately…How Ahmedabad Is Becoming A City Of Skyscrapers https://www.vibesofindia.com/tall-statelyhow-ahmedabad-is-becoming-a-city-of-skyscrapers/
