PAYING THE PRICE FOR DELAYING PROJECT
Move against realty cos Orris, 3C may revive hope among harried buyers
Mumbai: In the first such action of its kind, the Gurugram bench of the Haryana Real Estate Regulatory Authority (HARERA) has not only pulled up realty developers for delaying a project but also stripped them of their rights over prime land.
In a matter related to the Greenopolis Project being developed on 47 acres in Gurugram, the authority has restrained both the joint developers Orris Infrastructure and The 3C Shelters from alienation or creation of any kind of rights, encumbrance, sale, transfer on remaining available 10 acres of prime land until further orders.
It has also appointed a financial auditor and quantity surveyor for due diligence exercise of the project. For the first time any real estate authority in the country has taken the initiative to find a solution to a delayed and stuck project.
“We want to see that the project gets completed and the issue is resolved rather than just a short-term solution,” KK Khandelwal, chairman, Haryana Real Estate Regulatory Authority, Gurugram, told ET.
With a large number of stuck projects, especially in the National Capital Region, this order is expected to revive hope for helpless buyers and set a benchmark for RERA intervention.
“In addition to accepting our plea for stay and due diligence, the authority is helping aggrieved homebuyers by taking steps to find a solution. Not only a short-term relief, but also a decisive conclusion to homebuyers’ woes is being addressed as substantial value subsists in the project and balance land can be leveraged for completion of the project,” said lawyer Venket Rao, who appeared on behalf of the Greenopolis Buyers Association.
The Greenopolis Project in Gurugram’s Sector 89 is being jointly developed by Orris and The 3C Shelters over 47 acres of land. It comprised 39 towers, with about 2,500 apartments, out of which 29 towers consisting of about 1,800 apartments were launched and sold during 2012-13. The project was scheduled to be completed by 2015. On an average, customers had paid more than 90% of the consideration.
However, progress on the site has been very slow and only 50% of the project is estimated to have been completed to date.
In the backdrop of long delays and slow progress, the homebuyers group, Greenopolis Welfare Association, approached HARERA seeking relief.
To find a solution for aggrieved buyers and with a focus on the completion of Greenopolis Project, HARERA has ordered a stay creating any third-party rights on the balance land and floor space index of 82,258 sq mtrs available on 10 acres of prime land. It has also set up a committee under senior town planner and counsel of the parties to suggest a pragmatic solution based on the reports of both financial auditor and quantity surveyor within 4 months.