Noida: After reaching a consensus, the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Saturday formally handed over the responsibility for the construction of the pending flats at Knight’s Court, a Jaypee project in Sector 128, to the buyers.
Knight’s Court has 312 flats and would require Rs 145.5 crore as construction cost. While the promoter will contribute Rs 40.8 crore, the rest will be contributed by the buyers. UP Rera will appoint a construction consultant to keep track of the project.
The completion time of the Knight’s Court flats will be 12-15 months and the project will be supervised by a monitoring committee of buyers, UP Rera representatives and Noida Authority officials. The construction fund would be put together in an escrow account.