Smartworld Sky Arc

Sh. Sumeet, Engineering Officer and Ms. Asha, Chartered Accountant briefed about the facts of the case. Sh. Abhijeet Singh (AR), Sh. Manik Sharma (AR) and Sh. Bharat Vigmal (AR) are present on behalf of the promoter. The AR of the promoter stated that project is licensed by DTCP vide license no. 29 of 2009. However now part area of which stands migrated to license no. 90 of 2024. Further submits that M/s Modgen Developers Pvt Ltd have purchased the entire earlier licensed land area measuring 15 acres from M/s Indiabulls Housing Finance Ltd under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) vide conveyance deed dated 08.12.2022 & Sale Certificate dated 08.12.2022 clearly excluding the building constructed on the land measuring 3.1875 acres for which OC stands granted on 08.11.2019 and had already conveyed to Neil Maxinfra Pvt Ltd on As-is-Where-is basis and is 100% functional leased out to Genpact prior to conveyance of 15 acres land to M/s Modgen Developers Pvt Ltd. The AR of the promoter states that the earlier licensed area vide license no. 29 of 2009 dated 24.06.2009 is not registered with the authority. However, OC for existing building on an area admeasuring 3.1875 acres has already been obtained on 08.11.2019, area measuring 0.3125 acres has been delicensed and the balance area measuring 11.5 acres has been migrated to new license no. 90 of 2024 dated 18.07.2024. Further, the AR of the promoter states that there is no sale, advertisement, marketing of the project on an area admeasuring 11.5 acres part of license no. 29 of 2009 from date of grant of license upto till date. Further that the license no. 90 of 2024 dated 18.07.2024 has been obtained in the name of M/s Modgen Developers Pvt Ltd for development of mix land use colony over an area measuring 11.66875 acres (after migration of part area 11.5 acres from the existing license no. 29 of 2009 dated 24.06.2009 granted for total area 14.6875 acres (after delicense of area 0.3125 acres) and fresh applied land area measuring 0.16875 acres). After that the promoter obtained the Change of Developer in the name of M/s Riverday Infrastructure Pvt Ltd on 09.09.2024. Accordingly, the building plans of the project have been approved on 19.09.2024 along with approved phasing plan. The promoter is developing the project in five distinct phases and applied for registration of phase 1 herein. The project is not an ongoing project and the promoter requests to consider the project as a new project for which there is no requirement of publication of any public notice and there is no applicability of late fee on the applicant promoter for application for registration of the project who has entered after obtaining change of developer permission from DTCP as the same lies with the erstwhile promoter of license no. 29 of 2009 dated 24.06.2009. The applicant promoter has obtained Change of Developer approval for which they have executed the development agreement wherein revenue sharing model based on the performance of the developer promoter as per clause 3 (3.1 to 3.4) of development agreement along with Schedule-II has been entered. The project site is already connected to SPR via fully functional 24 mt road which is licensed land and there is no requirement of road access permission as on date. Further they have obtained the mining permission for the project which is being submitted today along with three DD amounting Rs 25 lakh each as a security amount on account of submission of approved service plans & estimates, approved fire scheme and approved environment clearance within 4 months of grant of registration. Keeping in view the above submissions made by the promoter, the authority decides that; 1.      The applicant promoter shall submit the affidavit through its Directors regarding no advertisement, marketing, sale etc. in the project on area admeasuring 11.5 acres till date since grant of earlier license. 2.      Regarding registration of earlier licensed area vide license no. 29 of 2009 dated 24.06.2009, a separate suo motu proceedings for violation of provisions of section 3 of the Act of 2016 be initiated against the erstwhile promoter. Further, the applicant promoter shall provide the details related to the earlier license and further changes in the earlier license if any. 3.      The promoter shall publish the public notice inviting objections if any within 10 days regarding the project land and no sale, advertisement, marketing of the project on area admeasuring 11.5 acres till date since grant of earlier license in three leading newspapers i.e., two English and One Hindi. 4.      Regarding the revenue sharing model, the promoter/developer will follow the procedure laid down in terms of section 4(2)(l)(D) of the Act of 2016. 5.      The promoter shall submit three DD/BGs amounting Rs 25 lakh each as a security amount on account of submission of approved service plans & estimates, approved fire scheme and approved environment clearance within 4 months of grant of registration Hence the authority decides to grant registration to the project subject to above compliances. The registration certificate shall be issued subject to above compliances and other minor correction including corrections in online A-H form and DPI.