Aster Avenue 36 Phase 2

Ar. Neeraj Gautam, Associate Architectural Executive and Sh. Ashish Dubey, Chartered Accountant briefed about the facts of the project. Sh. Charan Das (AR) appeared on behalf of the promoter along with the landowners, Sh. Ashutosh Verma and Sh. Mahesh Kumar. The Authorized Representative (AR) of the promoter states that they have entered into a collaboration agreement dated 22.07.2022 for the development of the project “Aster Avenue 36” being developed in two phases. As per the collaboration agreement, the landowners will be entitled to receive or handover or physical possession of their share which is 50% developed area in the proposed project as per their entitlement and further both the landowners and the promoter have amicably decided the units to be allocated to the landowners, the details of which have also been submitted in the Authority in form of a notarized affidavit. The AR of the promoter has further intimated about revision in building plans of Commercial 2, which is a part of Phase 1 of the project and requests the Authority to receive and acknowledge the same. It is further stated by the AR of the promoter and affirmed by the landowners that third party rights will be created on the allocated units through the process of draw held by DTCP and the amount will be collected in 100% master collection a/c. The developer shall transfer the amount received in 30% account from the above units to landowner’s account and amount in 70% shall be settled after obtaining the completion certificate. The same has also been submitted to the Authority in form of joint affidavit from both the parties (the landowners and the Director of the promoter company). The AR of the promoter further states that the approvals i.e., environmental clearance, service plans and estimates, fire scheme, mining permission and road access permission are under process and have not yet been obtained as on date. Further, the AR of the promoter undertakes to obtain and submit: i.           Environmental clearance within 4 months from the date of grant of registration; ii.         Approved Service Plans and Estimates within 4 months from the date of grant of registration; iii.       Fire scheme approval within 4 months from the date of grant of registration; iv.        Airport Height Clearance and Road access permission within 4 months from the date of grant of registration; and v.          Mining permission before commencement of excavation. Further, he undertakes to submit a Demand Draft/Bank Guarantee amounting to Rs. 25 lakhs each, as a security deposit for timely compliance with the above requirements at point (i), (ii) and (iii). It is also expressly undertaken that in the event of failure to obtain and submit the aforesaid approval(s) within the stipulated time frames, the said security amount(s) shall be liable to be forfeited by the Authority. The Authority has taken note of the submissions made by the Authorized Representative of the promoter regarding the non-availability of the aforesaid statutory approvals as on date. In view of the above, and in the interest of regulatory compliance, the Authority hereby directs that the promoter shall submit three Demand Drafts/Bank Guarantees amounting to Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only) each, in favour of the Authority, as security amount(s) for timely submission of Environmental clearance, Approved Service Plans & Estimates and Approved Fire Scheme within 4 months from the date of grant of registration. In the event of non-submission of the above approval(s) within the prescribed time frame, the corresponding security amount(s) shall stand forfeited by the Authority, and such failure may also attract additional regulatory action as permissible under the Act of 2016, rules and regulations made thereunder. Further, the promoter shall submit the Airport Height Clearance and road access permission within 4 months from the date of grant of registration; and mining permission before commencement of excavation. Further, with respect to the promoter’s intimation regarding the revision in building plans of the Phase 1 of the project already registered vide RC no. 104 of 2024 dated 10.10.2024, it is directed that the promoter shall apply separately for amendment of registration of phase 1 of the project as per the rules and provisions of the Act, 2016. Registration of the project is approved as proposed subject to rectification of deficiencies mentioned above at S. No. 33. The Registration Certificate shall be issued after submission of remaining deficiencies mentioned above at S. No. 33 including correction in A-H form, Online DPI and submission of a BG’s/DD’s of Rs. 25 lakhs each for submission of approved service plan and estimates, Environmental clearance and approved fire scheme within the timeframe mentioned above.