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Landmark order from HARERA, Gurugram for finding solution to stuck project, Tightens Noose Around Unscrupulous Builders

HARERA

In a first of its kind order in the country under RERA, Haryana Real Estate Regulatory Authority, Gurugram has issued stringent directions to two builders M/s Orris Infrastructure Pvt Ltd and Three-C Shelters Pvt Ltd for inordinate delay in delivery of the Greenopolis Project in Sector – 89, Gurugram (Haryana). The project was supposed to have been completed by December-2015 and apartments delivered to buyers thereof.

On a complaint made by the Greenopolis Buyers Welfare Association, HARERA, Gurugram on July 23rd -2018 passed the landmark Order directing both Developers –

  1. To register the project within 15 days from the date of issue of the order.
  2. Restraining Orris from alienation /creation of any kind of rights, encumbrance, sale, transfer etc on remaining Land & FAR of 82258 sq mtrs available on 10.00 Acres of prime land.
  3. Ordered financial due diligence with respect to the financial aspect of the project by appointing Independent Financial Auditor of international repute.
  4. Appointed Independent quantity surveyor of international repute for due diligence with respect to the physical status of the project.
  5. Constituted a committee headed by STP (senior town planner) with counsels of parties and technical staff of STP being the members.
  6. The Financial Auditor & Quantity Surveyor has been asked to submit their due diligence report to the Committee within 3 Months. Thereafter, within 1-month Committee is required to suggest solution w.r.t completion of the Project.

The project which was started around 2011 on a total area of 47.2 acres comprising of 38 Towers with approx 2500 apartments. In the initial launch, developers launched 29 Towers over 37 acres of land comprising approx 1862 apartments. The completed apartments were to be handed over in three phases. The remaining 9 Towers on the remaining 10 acres land were to be constructed as per the approved Building plan in subsequent phases. Developers collected over INR 1,100 Crores from around 1800 Buyers. The buyers had paid 90% of the sale price, however, the project went into oblivion for past few years forcing buyers to approach HARERA.

Venkat Rao (Founder INTYGRAT), who appeared on behalf of Greenpolis Buyers Association said,

‘It’s a first of its kind Order under RERA in the country. We are very glad that HARERA has accepted our plea for stay and due diligence. It is also the first step towards a solution, as substantial value subsists in the project and balance land which can be leveraged for completion of the project. It probably would be for the first time any of the RERA Authorities in the country is trying to address the plight of home buyers in a stuck project in a comprehensive manner. We wholeheartedly thank Dr. Khandelwal, Chairman HARERA and other Members for such visionary and solution-oriented Order’.

This provides a ray of hope to the buyers as they have been waiting for three long years for their apartment.  

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