OSB promoter, allottee meet to complete Expressway tower: relief ahead
It is a positive development that the allottees and promoters of Ocean Seven Buildtech (OSB) are meeting today to prepare a roadmap about how construction of Expressway Tower, Sector 109, a affordable group housing society, can be completed and units are handed over to homebuyers in certain time frame from now.
This is perhaps first of its kind of open session meeting over a stuck project in which allottees and promoters are openly discussing under official supervision.
The agenda of the meeting includes – discussing deficit fund to complete project and its arrangements, forming a committee of allottees and promoters which will monitor the execution of construction from now and then the acceptance of the meeting outcome by two third majority of allottees.
Whatever is the outcome of the meeting but the fact is that the allottees and promoters are agreed together to sit and discuss itself is a good sign.
Earlier on February 26, the real estate regulatory authority (RERA), Gurugram, had directed the OSB promoter to find a resolution of the project. The Authority had also directed the OSB promoter to prepare a roadmap involving stakeholders such as allottees who booked units seven eight years ago and still have no clue how and when they will get their dream homes delivered since the construction of the project is complete but only up to sixty percent.
OSB allottees have held many protests pressing upon completion of the project since they are suffering from financial hardship of home loans and rents etc. their protests are justified.
OSB promoter turned defaulter in all its three projects at Sector 69, 70 and 109 for misusing or misutilising funds from RERA accounts earlier.
Affordable housing projects are governed by Affordable Housing Policy 2013 of Haryana government and these projects were time linked in which the developer had to complete and handover the projects maximum in four years from the date of RERA registration.
OSB promoter failed to fulfill this guideline.
