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Gurgaon Bench Ruling To Bring 200 More Haryana Projects Under RERA

Gurgaon Bench Ruling To Bring 200 More Haryana Projects Under RERA

August 25, 2018 in Investment, Real Estate News

At least 200 real estate projects in Haryana, which got exemptions from registration with the Real Estate Regulatory Authority (RERA) on the basis of their developers applying for completion or occupation certificates before the Haryana rules came into effect, will now have to be registered with the regulator. This has to be done in light of an order by Haryana RERA’s Gurugram bench, which has clarified that mere filing of the application does not exempt a project from registration. Obviously, the implications are huge; not only in Gurugram but in other parts of NCR like Noida and Ghaziabad and also states like Gujarat and Madhya Pradesh where homebuyers have accused state governments of diluting norms to ensure most incomplete projects don’t need registration with the regulator. The H- RERA rules, which came into effect on July 28, 2017, say incomplete projects won’t be categorized as “ongoing” if the promoter had applied for an occupation or completion certificate before that date. This had come under severe criticism from homebuyers’ associations, who described as a favour to developers. Pronouncing its order in a case the Simmi Sikka versus Emaar MGF Land Ltd case, the Gurugram bench headed by KK Khandelwal said, “Merely by filing an incomplete application on or before publication of these rules will not exempt the projects to be covered under the definition of ongoing projects. The conclusive proof of completion of development work is the issuance of the completion certificate by the competent authority. A mere application cannot be conclusive proof of having completed development work.” Under central RERA rules, any project that does not have a completion or occupation certificate will be considered an “ongoing project” and it is mandatory for such projects to be registered. “We had been making this point since Haryana and other states notified their rules, which are in contravention of the central rules. It’s good that the Haryana RERA has ordered in favour of homebuyers,” said Abhay Upadhyay, national convener of Fight for RERA, an umbrella body of homebuyers that fought for enactment of the law to protect consumers. The bench has also ordered projects where part-occupation/completion certificates have been issued but development work has not been completed will also not be exempted from mandatory registration. “During the hearing of complaints, many such cases have come to the notice of the authority and in those cases; DTCP (department of town and country planning) shall be requested to withdraw the completion/occupation certificates issued and also to initiate an inquiry as to how such certificates have been procured fraudulently. For such projects, a time of one month shall be given to the promoters to apply for registration, otherwise penal proceedings shall be initiated,” the order said. Sources: timesofindia.indiatimes.com

Registration with HRERA is Must For Real Estate Projects

Registration with HRERA is Must For Real Estate Projects

August 22, 2018 in Gurgaon Investment, RERA Update

In a landmark decision, the Haryana Real Estate Regulatory Authority (HRERA) said that all real estate projects will have to mandatorily register with it. The authority asserted that all ongoing real estate projects and those which have been completed come under its purview as per the RERA Act. It said that the only exception would be those which got obtained completion certificate prior to the enactment of the Act. The order means that over 800 residential and commercial projects in Gurugram, which had sought the exemption for technical reasons, will now come under the ambit of the authority. Currently, 250 real estate projects are registered with HRERA, Gurugram. The judgment was delivered after a real estate company raised objections to the applicability of the rules and jurisdiction of HRERAon its project after a buyer filed a complaint against the delay in delivery of the shop she had booked. The authority also made it clear that merely filing an application for part completion, or occupation certificate by a department of town and country planning does not make a real estate projects exempt. “In several cases the applications are incomplete and the certificates have been obtained or are under process. This will not be allowed and neither condoned. All projects, which have not obtained completion certificate must get registered,” said Dr KK Khandelwal, chairman, HRERA, Gurugram. Simmi Sikka, a buyer in Emmar’s commercial real estate project Emerald Plaza in Sector 65, had complained to the authority seeking compensation for the delay in the delivery of a shop. “The question was raised whether a project which is not ongoing and has received deemed occupation certificate should come under HRERA or not. We have settled the issue once for all and made it clear that projects, including the Emmar Plaza, came under our purview,” said Khandelwal. The order also made it clear that the developers were under the wrong impression that only ongoing projects came under the purview of the act. “Somehow the developers also managed to get exemptions under HRERA rule and using these to their advantage tried to get an exemption from the Act. This cannot be allowed and everyone is accountable,” the order said. The authority also said that this order will also mean that any loophole in the Haryana rules, which led to the alleged dilution of the Central Act, will be plugged.

“This judgment has not only settled confusion regarding the applicability of act and registration of projects but also nullified the effect of dilution of rules. It will enable the authority to exercise power and functions in the true spirit of the RERA Act which otherwise had been marginalized on account of Haryana rules. This decision also settled the controversy regarding ongoing projects, which will now be treated as simply real estate projects,” said Khandelwal.
The authority also maintained that as far as ongoing projects were concerned, the authority would look into timely delivery, layout, planning, design and sanctions, and to ensure that there is no diversion of funds. For completed projects, which have been delivered in the last five years, the obligation of the promoter would entail workmanship and structural defect liability. All real estate projects are covered for land title defect liability. it said. Sanjay Sharma, a Gurugram based real estate consultant, welcomed the ruling.
“This is the step in the right direction. It will bring all the ongoing projects under the purview of HRERA,” he said.
Sharma also called for proper legislative backing to the authority so that it could act independently.
“It is most likely that this decision could be challenged in a higher court. The government should give legislative backing to this order to ensure HRERA Act is not diluted and its judgments are implemented,” said.
Sanjay Sharma, a Gurugram based real estate consultant, welcomed the ruling.
“This is the step in the right direction. It will bring all the ongoing projects under the purview of HRERA. It is most likely that this decision could be challenged in a higher court. Therefore, the government should give legislative backing to this order to ensure HRERA Act is not diluted and its judgments are implemented,” Sharma said.
Sources: hindustantimes.com

What is OSR, FSI, Loading & Construction Stages in Real Estate?

What is OSR, FSI, Loading & Construction Stages in Real Estate?

August 20, 2018 in Defination, Investment, Real Estate News

Loading Factor, FSI and OSR are terms used with respect to the area you will be charged for. The base cost may say something but the end result could cost you a lot more - the base cost may be in your budget but when costs like the common areas, maintenance charges, etc. are factored in, the total cost shoots up.

Loading Factor

Loading Factor can be defined as the area which includes the proportionate share of the common area for a flat which is determined by applying a multiplier to the carpet area. In general, builders include space around staircases and elevators as common areas while calculating the loading factor. Thus, the loading factor, when combined with the carpet area, gives the super built-up area of a flat. For example, if a builder puts 1.25 as the loading factor, then it means 25% of space has been added to the carpet area of the flat. If the carpet area of a flat is 500 square feet then the super built-up area of the flat can be calculated as: 500 square feet + 500 x 25% = 625 square feet.

OSR (Open Space Ratio)

Open Space Ratio (OSR) is a terminology commonly used in the development of residential spaces. OSR is calculated by dividing the total amount of open space (which is commonly owned on the residential land parcel which is proposed for development) by the total area of the entire land parcel (which is proposed for development). Areas on private lots which are buildable and any commonly-owned open space that is less than 320 contiguous square feet are not counted as open spaces. Although, areas like parking lots and recreation areas are included in open spaces. For example, if there are 4 acres of common open space and 8 acres of the land parcel proposed for development, then the open space ratio is 50%.

FSI (Floor Space Index)

FSI, meaning Floor Space Index, also known as Floor Area Ratio (FAR), is the ratio of total built-up area to the total area of the plot. The municipal council of a particular area is responsible for establishing the FSI limit in a certain range in order to regulate the amount of construction and the size of the buildings in that area. Since FSI is a measure that combines the height and footprint of a building, regulating it ensures flexibility in the design of the building. For example, if for a particular plot area of 10,000 square metres, an FSI of 1 is allotted, then the construction of 10,000 square metres would be allowed for the project.

Construction Stages

You may choose to stay away from assuming that the various construction stages don’t concern you, but if your business involves an under-construction flat, these stages will definitely help you. Knowing the real estate terms of all the stages in the building construction process and their significance will save you much trouble: 1) Mobilisation The mobilisation is the process of making the plot ready for construction. The process generally involves building a fence around the plot, making necessary services available, transport of construction tools and equipment to the plot and building a shed for the labourers. 2) GroundWork The process of levelling the ground of the plot, benchmarking and cleaning the plot comes under the phase of groundwork. 3) Sub Structure Work Substructure work involves the construction of structures like the foundation, neck columns, grade beams, the ground floor, etc. 4) Super Structure Work Superstructure work involves the construction of the structures that are situated above the ground like columns, slabs, beams, staircases, etc. 5) Masonry Work Masonry work is a phase in which everything comes into shape and gets a face. It involves plasterwork and levelling of the walls and ceilings. This stage is what prepares the project for the services work. 6) Services Work Services work includes electrical work, sanitary work, plumbing work, etc. It involves fixing lights and fans, bathroom fittings, toilet equipment and anything else that would be provided by the builder. 7) Finishing Work At this stage, it is time to give the final touch to the property. It involves painting and any kind of carpentry work like doors, door frames and, in some cases, false wooden ceilings. 8) Completion Completion stage of the building construction process involves cleaning of the built property, final inspection and handover of the property to the buyer. These terms are regarding realtor jargons when it comes to starting a construction. Sources: housing.com

Haryana Government Takes Over 15 Troubled Realty Projects

Haryana Government Takes Over 15 Troubled Realty Projects

August 17, 2018 in Gurgaon Investment, Investment News

Haryana’s town and country planning department (DTCP) says it has cancelled the licences of and taken over 15 stalled real estate projects across the state. The step, which comes days after the state-run National Buildings Construction Company (NBCC) was roped in to revive Amrapali’s unfinished projects in Noida, indicates government intervention to rescue troubled real estate projects could no longer be unusual, at least not in NCR where housing projects are running years behind schedule. DTCP’s “takeover” involves all aspects of a project, including security deposits, an official said, so that the department could complete them on its own. None of the 15 Haryana projects that have lost licences is comparable to Amrapali’s in scale. They are mostly small and medium-sized projects, both housing and commercial, with around 1,000 buyers collectively. Nine of them are in Gurugram, followed by Karnal (3), Faridabad (2) and Hisar (1). The licences were cancelled on the orders of Jitender Sihag, DTCP’s chief town planner. Officials said the developers have around Rs 200 crore outstanding as external development charge (EDC) dues for the projects, all of which are in different stages of construction. “The developers have been restrained from sale, purchase or transaction in these projects. The licences have been cancelled and projects taken over by the director, DTCP,” Bhuvesh Kumar, senior town planner, Gurugram, told TOI. The developers have been offered a window of 60 days to appeal. If they clear dues and remove other discrepancies pointed by the DTCP, the licence can be revived, an official said. If they fail to do so, DTCP will seize the bank guarantee and other assets. Kumar said buyers will not be financially affected. “Buyers have to produce their agreement and the government will serve their liability at the same rate at which they had purchased it from the builder. The government will give the buyers either the property they booked or the money they have already paid, which will be recovered from the bank guarantee and other assets of the builder. Buyers won’t be affected,” said Kumar. Projects to be hit in Gurugram include a commercial complex in Sector 110, which is to come upon a 10.25-acre plot. Though the licence is valid up to August 22, 2019, the developer could neither rectify deficiencies pointed out by the DTCP nor deposit outstanding EDC dues. Another licence for a commercial project in Sector 81A on a 10.8-acre plot was cancelled for non-compliance, EDC dues of Rs 64.65 crore, and non-renewal of the licence which was valid up to December 9, 2017. Similarly, the licence of a commercial project in Sector 95A, on a plot measuring four acres, was cancelled because the licence has not been renewed (it was valid till July 25, 2017), non-compliance with DTCP suggestions and outstanding EDC dues. Other projects include commercial colonies on 10.4 acres in Sector 88, and on 2.4 acres in Sector 102, besides an affordable group housing colony in Sector 84 on 5.1 acres. Sources: realty.economictimes.indiatimes.com

SEZ Space Accounts for 22% of the Total Office Stock in India: CBRE Report

SEZ Space Accounts for 22% of the Total Office Stock in India: CBRE Report

August 15, 2018 in Investment News, Real Estate News

Special economic zone accounts for about 22% of the total office stock in India across seven leading cities with Bangalore, Chennai, Delhi-NCR and Hyderabad housing almost 77% of this SEZ stock Overall. The technology sector dominated SEZ space take-up with over 60% space absorption in the past three years. Anshuman Magazine, Chairman, India and South East Asia, CBRE, said: “We feel that the space take-up in SEZs should remain strong till the end of 2019. We also expect that at least till the end of 2019, there will be a continuity in several trends in the SEZ segment of the commercial real estate market with growing preference for SEZ spaces by corporate, particularly those belonging to sectors such as technology, research and consulting, engineering and manufacturing, banking and financial services.” On the supply pipeline, more than 20% of the upcoming office supply lined up for completion over the next two years is expected to consist of SEZ developments. According to the findings over 80% of this supply, a pipeline is expected to come up in markets including Bangalore, Hyderabad, Delhi-NCR and Chennai. The government in 2015 laid a roadmap to successfully reduce corporate tax from 30% to 25% by 2019. This also included announcing a sunset date on tax exemptions granted to SEZ developers and unitholders. Abhinav Joshi, Head of Research, CBRE India, said, “Despite the sunset clause, corporate have been leasing space in prominent SEZs across leading cities. Firms belonging to the technology sector have had a share of almost 60% in the overall leasing in SEZ space from 2015 – H1 2018. We feel this activity will remain strong at least till the end of 2019, post which there could be a rationalization in demand.” However, despite the sunset clause, the availability of quality office spaces offering large floor plates and options for further scalability in SEZ will continue to be an attractive factor for corporate, the report said. Sources: economictimes.indiatimes.com

DLF Looking For Partner To Build New Commercial Project In Gurugram

DLF Looking For Partner To Build New Commercial Project In Gurugram

August 13, 2018 in DLF News, Gurgaon Investment, Real Estate News

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76-acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said on Saturday. India's largest realty firm could dilute up to 50 per cent stake in this 2.5 million sq ft commercial project, DLF's CFO Saurabh Chawla said. In February this year, DLF had bought this land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost to purchase this land came to about Rs 1,600 crore. "We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project," Chawla told PTI. He said the company is in talks with many private equity funds and expects to close this deal by September. Chawla, however, declined to name the private equity players with whom discussions were taking place and also the amount the company was looking to raise for this project. "This deal would be similar in nature as we did with investment firm GIC for housing projects in Delhi," he added. In September 2015, Singapore's sovereign wealth fund GIC had invested about Rs 2,000 crore in DLFs two housing projects in the national capital. DLF is a leading developer of commercial properties in the country and has more than 30 million sq ft of rental assets, mostly office space, which it owns directly as well as through JV with GIC. Its promoters had in December last year sold 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to GIC for Rs 9,000 crore. DLF holds 66.66 per cent stake in the DCCDL, which holds the bulk of its commercial assets. DLF said in a presentation that it would build commercial products for sale either to retail customers (B2C) or to DCCDL as investment properties (B2B). It also has the flexibility to hold the property as investment property earning lease rentals. DCCDL group currently owns and operates a pan-India portfolio of about 27 million sq ft, which is slated to grow more than double in the next 10 years. "DCCDL shall act as a 'Business Trust' – not only will it build its own investment properties (about 25 million sq ft potential embedded in the JV) but shall also have the ability to purchase investment properties, at FMV, being developed by DLF or third parties," the presentation said. Yesterday, DLF reported a 56 per cent increase in its consolidated net profit at Rs 172.77 crore for the first quarter of this fiscal. Its net profit stood at Rs 110.70 crore in the year-ago period. Total income, however, declined to Rs 1,657.67 crore during April-June this fiscal from Rs 2,211.24 crore in the corresponding period of the previous year. Sources: realty.economictimes.indiatimes.com

Dwarka Expressway Completion to Boost Real Estate within the NCR

Dwarka Expressway Completion to Boost Real Estate within the NCR

August 9, 2018 in Dwarka Expressway, Gurgaon Investment, Investment

Conceptualized under the Gurugram Master Plan 2021, Dwarka Expressway or the Northern Peripheral Road (NPR) was initially planned to connect Dwarka in Delhi to Palam Vihar in Gurugram. However, it was further extended to the Kherki Daula toll plaza, intercepting NH-48, as per the Master Plan 2025. Stretching along 18 km, this eight-lane and 150-metre-wide Expressway aims to provide seamless connectivity between Delhi, Gurugram and Manesar. The Expressway passes through sectors 109, 113, 37D, 88B, 105, 99 and many other sectors, which saw an upsurge in residential real estate activity since its announcement. With land acquisition issues over the years, the residential real estate market along the region suffered a major setback. However, the recent clearance of all major hurdles here has given a new ray of hope to prospective buyers and investors focused on Dwarka Expressway’s many transit-oriented benefits. The major attraction of Dwarka Expressway is its seamless connectivity between Gurugram and Delhi.

  •  Road: Sectors along Dwarka Expressway will enjoy excellent connectivity to Delhi and the international airport. It is well-connected to Gurugram Cybercity and other major office hubs via NH-48 and provides good connectivity to the Manesar industrial belt and Maruti Suzuki India Ltd, which is just half an hour’s drive away.
  •  Metro: The nearest metro station is Huda City Center, which is a 30-minute drive from Dwarka Expressway.
  •  Air: A fully-operational Dwarka Expressway, will reduce the travel time to Indira Gandhi International Airport. Currently, people who live in the sectors along the Dwarka Expressway, take 45 minutes to reach the airport via NH-48.
Despite all the odds over the last few years, prices have improved in the region. Dwarka Expressway saw a steady rise in capital values, at a CAGR of nearly four per cent, for the period from Q1 2015 to Q1 2018, which shows that the area has immense future potential. Once fully operational, Dwarka Expressway will be a harbinger of change for the NCR’s real estate market. The recent clearance of all land acquisition hurdles has rekindled hopes for the realty market here. With the office space market in most areas in Gurugram saturated, Dwarka Expressway will emerge as one of the prominent destinations for IT/ITeS companies, as it will enjoy seamless connectivity with the international airport and other key office destinations in Gurugram. On the residential front too, there will be increased activity in the coming year, as a significant number of units are slated to be completed. Moreover, with builders now concentrating heavily on project completion, buyers will have ample options across segments along the Dwarka Expressway. Increased commercial and residential activity, will eventually attract various social infrastructure facilities including hospitals, malls and entertainment centres. Sources: housing.com

DELHI-NCR IS THE NEW REAL ESTATE HOTSPOT

DELHI-NCR IS THE NEW REAL ESTATE HOTSPOT

August 7, 2018 in Gurgaon Investment, Investment, Real Estate News

Even though the real estate sector in India has witnessed a slowdown in recent times, properties in Delhi-NCR continue to witness interest from buyers, in anticipation of price corrections and owing to demand from the growing migrant population who seek accommodation. Delhi-NCR, hence, continues to be attractive to end-users and investors. According to data from ANAROCK Property Consultants, the housing supply in Delhi over the last two years has been fairly low, as compared to Gurugram or Noida. This is essentially due to the demand-supply mismatch. There is a massive demand for affordable housing in the city, while property prices in most micro-markets have skyrocketed. Employment prospects and Delhi’s Metro connectivity spur real estate demand “With its vast area and the presence of well-established services, manufacturing and automobile sectors, the National Capital Region’s (NCR’s) massive employment generation, yields very high demand for affordable housing.

“Some of the key hotspots for affordable housing in the NCR area are Sohna, Bhiwadi, Yamuna Expressway, Greater Noida West and Raj Nagar Extension,” says Santhosh Kumar, vice-chairman, ANAROCK Property Consultants.
Better connectivity, with the expansion of the Delhi Metro and Gurugram’s Rapid Metro, has attracted prospective home buyers to this region and played a major role in the growth of the city, maintains Pankaj Bansal, director, M3M Group.
“Gurugram’s rapidly growing infrastructure projects that offer quality construction and latest lifestyle amenities and proximity to social infrastructure, will continue to act as drivers for demand. Locations such as Golf Course Road, Golf Course Road Extension and Dwarka Expressway, are in constant demand,” adds Bansal.
Infrastructure development and amenities fuel the growth of new micro-markets in Delhi-NCR Besides the metro, other infrastructure developments like flyovers, underpasses, etc., in and around Delhi, also augur well for the new destinations in the NCR.
“With road connectivity improving, with the opening up of the 11-km elevated road that connects Raj Nagar extension with NH-24 and the Meerut Expressway, investments from areas like Meerut, Moradabad, Hapur and Bulandshahar are likely to increase. The upcoming KMP (Kundli-Manesar-Palwal) Expressway will boost areas like Neharpar in Faridabad and Palwal,” says Abhishek Singh, chief operations officer, Paarth Infrabuild Pvt Ltd.
According to Vineet Relia, managing director of SARE Homes, Ghaziabad and the stretch along NH-24, are excellent options for investment. “In addition to the availability of good infrastructure and basic facilities in the vicinity, connectivity is a major deciding factor, while buying a property. The area has great road connectivity and the Eastern Peripheral Expressway is also poised to help, in the overall development of the area. With the Ghaziabad metro line too starting shortly, this region will emerge as a promising new investment destination in the NCR,” Relia explains. Moreover, the real estate market is finally settling, after the implementation of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST). Consequently, the overall sentiment, vis-à-vis investment in Delhi-NCR region, is inching towards the positive. Key infrastructure upgrades, like the widening of the NH-8, opening of the Eastern Peripheral Road, expansion of Sohna Road and wider metro connectivity, along with a focus on affordable housing, are expected to provide the much-needed fillip to the realty sector in Delhi-NCR. Sources: housing.com

Development Process in Delhi Being Given Green, Sustainable Direction

Development Process in Delhi Being Given Green, Sustainable Direction

August 5, 2018 in DDA, Investment, Real Estate News

Minister of State (Independent Charge), Housing and Urban Affairs Hardeep Singh Puri on Sunday said the creation of new urban spaces needs to be green and resilient and stated that the development process in Delhi is now being given a green and sustainable direction by the Ministry of Housing and Urban Affairs. Mr. Puri stated after inaugurating the 'Van Mahotsav' celebrated by the Delhi Development Authority (DDA) by the plantation of around 20,000 trees across Delhi today. Delhi Lt. Governor Anil Baijal and Mr Parvesh Sahib Singh, Member of Parliament were also present on the occasion along with senior officers of MoHUA and DDA. Mr Puri reiterated the decision to redevelop the seven General Pool Residential Accommodation (GPRA) colonies without cutting of trees and assured full commitment and support of the Centre for timely completion of development projects in Delhi, including Delhi Metro phase 4. Acknowledging DDA’s significant role in building, restoring, maintaining and preserving the natural heritage of the city, Mr. Puri said with 783 parks and 6 biodiversity parks covering an extent of 11,000 acres approximately of land under their jurisdiction, DDA is a major owner of green area in Delhi and has been actively promoting the development of Regional Parks, City Parks, District Parks, Community Parks and neighbourhood parks as per norms of Master-Plan. He also appreciated DDA’s initiative of taking up large scale plantation. This year, DDA has proposed to plant 10 lakh trees throughout Delhi in DDA Parks, Biodiversity Parks, Yamuna Flood Plain, vacant spaces, along with a roadside and on land proposed for Compensatory Afforestation. Local/indigenous species like Neem, Jamun, Arjun, Peepal, Gulmohar, Amaltash, Kadamb, Sheesham etc are proposed to be planted. So far DDA has planted 1.70 lakh trees and likely to achieve the target by September 30. Mr. Puri participated in the tree plantation drive in Dwarka where around 10,000 trees were planted today. Dwarka is a sub-city planned, developed by DDA having an area around 5648 hectares with recreational land use of 19.94 per cent. In Dwarka, there are 94 parks. So far 50,000 trees of various indigenous tree/shrub species have been planted in Dwarka and around two lakh additional trees will be planted this year. Sources: uniindia.com

Haryana RERA Strips ORRIS Infra and the 3C of Their Rights Over Prime Land

Haryana RERA Strips ORRIS Infra and the 3C of Their Rights Over Prime Land

August 1, 2018 in Gurgaon Investment, Real Estate News, RERA Update

In the first such action of its kind, the Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) 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.
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 are being addressed as substantial value subsists in the project and balance land can be leveraged for completion of the project,” said lawyer Venkat 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 HRERA seeking relief. To find a solution for aggrieved buyers and with a focus on the completion of Greenopolis Project, HRERA has ordered a stay creating any third-party rights on the balance land and floor space index of 82,258 sq.mt. available on 10 acres of prime land. It has also set up a committee under the senior town planner and counsel of the parties to suggest a pragmatic solution based on the reports of both the financial auditor and quantity surveyor within 4 months. Source: realty.economictimes.indiatimes.com

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