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Ajnara Le Garden Homebuyers Join Efforts to Revive Stalled Project in Greater Noida

Homebuyers of Ajnara Le Garden in Sector 16B, Greater Noida have stepped in to assist the developer in clearing pending dues in a bid to accelerate construction and possession of their long-delayed flats. Frustrated by years of delay, they have submitted a joint proposal with Ajnara Realtech, hoping to fast-track the project s completion. Homebuyers and Developer Share Financial Burden To help clear a portion of the outstanding dues owed to the Greater Noida Authority, Ajnara Realtech has committed ₹12 crore upfront, with ₹5 crore contributed by homebuyers. The total financial burden on the developer stands at ₹48 crore. Under the joint proposal, Ajnara Realtech will focus on completing four towers (K, L, M, and N), which are not included in the company s ongoing insolvency proceedings. The developer challenged an NCLT order, arguing that construction of these towers was already approved under Section 8 of the Uttar Pradesh RERA Act, which facilitates the revival of stalled projects. The four towers comprise 585 flats, of which 476 units have already been sold. Once construction is completed, Ajnara Realtech aims to settle remaining dues through the sale of unsold flats and outstanding payments from existing allottees. The developer has committed to delivering all four towers by June 2025. Ajnara Le Garden: Project Background and Delays Originally launched in July 2014, the Ajnara Le Garden project was scheduled for completion by December 31, 2020. However, the developer failed to meet the deadline, leading to significant delays. Extension Requests: Ajnara Realtech applied for a one-year extension under Section 6 of the RERA Act, later extended by six months due to the pandemic. Construction Status: By June 2023, only 35% of the project had been completed. To resolve the situation, RERA proposed a completion plan under Section 8 of the Act, which required written consent from a majority of homebuyers. RERA further recommended that Ajnara seek approval from the Greater Noida Authority for the joint proposal to restart construction. With this collaborative approach, homebuyers and the developer hope to break the long-standing deadlock, ensuring the timely completion and delivery of the project.