Project Delays Still A Key Feature Of NCR Realty

About a year after the real estate law was enforced in the country with much fanfare, buyers in the national capital region are now able to make use of its many merits—at least some recent examples show that.

Sample this.

More than 100 people who have invested in Amrapali Group’s Heart Beat City Project at Sector 107 in Noida staged a dharna on the construction site on April 1 due to the builder’s failure to deliver projects. It is worth mentioning here that the builder is staring at insolvency proceedings after Bank of Baroda moved the National Company Law Tribunal (NCLT) over loan defaults by the beleaguered developer. Recently, the Supreme Court, which is hearing the case, directed the company to hold meetings with the buyers and apprise them of the progress it has made on completing its ongoing projects. Amrapali’s money troubles have left about 42,000 buyers in the lurch.

The builder sold some 2,100 flats in 2011 and promised delivered in 2014. Since it could not deliver the project even in 2016, residents approached the Noida Authority to seek relief.

"Last year, tripartite meetings were held between builders, buyers and authority. But, nothing came of those meetings," The Times of India quoted Puneet Parashar, member of the Heartbeat City Buyers’ Association, as saying. While buyers are now looking at 2019 to get delivery, the slow pace of construction is worrisome.

Meanwhile in Ghaziabad

About 11 buyers of KDPMGI Gharaunda, a housing project in Raj Nagar Extension, have lodged an FIR against the builder over delayed handover. The project, which has a total of 330 units, has been delayed by over four years—the project was launched in 2011 and was to be handed over by 2014. According to the flat owners, the developer has already taken from the about 98 per cent of the property value and has been setting a new deadline in the meantime to deliver flats.

“We will give the possession of flats this month itself. We have already issued the offer of possession to homebuyers. Those who are making payments are being given the flats. The map of the project has also been approved by the GDA and power connection will be given in 15 days. We will also get the completion certificate soon,” KDP Director Manoj Kumar Goyal was quoted in The Times of India as saying.