UP RERA moves SC against HC's real estate registration order favouring L&T
This story was originally published at 19:34 IST on 18 December 2024
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NEW DELHI – The Uttar Pradesh Real Estate Regulatory Authority has moved the Supreme Court against an order of the Allahabad High Court favouring Larsen & Toubro Ltd. for registration of projects Green Reserve Tower 1, 2, 3, and 4. In October, the high court had junked the real estate authority's rejection of the projects' registration.
The apex court has issued a notice to Larsen & Toubro and the Uttar Pradesh government. "The parties shall maintain the status quo with respect to the requirement of RERA till the next date of hearing," the court said. On Wednesday, the apex court asked the parties to see if the matter can be sorted out.
The case has its genesis from Jaypee Infratech Ltd. getting the layout plans and map sanctioned in 2015 from the NOIDA Authority for a project now known as "Jaypee Greens Wish Town". Thereafter, in 2017, assignment deeds and revocable general power of attorney were executed by Jaypee Infratech in favour of Larsen & Toubro for a portion of the land, granting the latter development rights in respect of floor area ratio for a consideration of INR 4.88 billion.
In June 2023, Larsen & Toubro submitted its first registration application under Section 4 of the Real Estate (Regulation and Development) Act, 2016, to register projects Green Reserve Tower 1 and 2. In the same month, the real estate authority rejected the application after noting that Larsen & Toubro had failed to include Jaypee Infratech as a promoter for the project, since the approved map and layout for the development land was in the name of the latter company.
The real estate authority said that without challenging the rejection and rectifying the errors in the registration application, Larsen & Toubro submitted other applications in July 2023 and August 2023 for Tower 1, 2 and Tower 3, 4. As per law, the second application, without rectifying the defects mentioned therein, was not maintainable, the authority said. It rejected the applications again in May.
Thereafter, Larsen & Toubro moved the high court challenging the authority's rejection order and its notice against the advertisement issued by the company. This action by Larsen & Toubro was without availing the statutory remedy under the 2016 Act of approaching the Real Estate Appellate Tribunal, the real estate authority said. Yet, the high court allowed the petition by Larsen & Toubro.
On Wednesday, shares of Larsen & Toubro ended 1.3% lower at INR 3,758.15 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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