Allottee, OSB promoter to form committee to execute construction plan
A three-hour-long meeting was held at the OSB expressway construction site and it was decided that a committee would be formed to execute the constitution plan. The meeting was held under RERA’s official supervision.
Home buyers turned up to attend the meeting in good numbers and actively participated in the discussion over the construction plan with the promoter. Chairman OSB Swaraj Yadav was present at the meeting.
The promoter submitted two types of construction proposals – one, it will sell off commercial shops in the open market to generate funds required for the remaining construction of the project. And two, it will allow mortgage shops and banks to avail funds in case plan A fails.
The promoter said it requires roughly Rs 25 Cr to complete the remaining construction by January 2025.
The committee will submit the final plan in a day or two to RERA, which will hear the case on March 18.
The allottee said it was a positive development that has brought temporary relief to home buyers.
Expressway Tower, Sector 109, is an affordable group housing society, which was to be handed over to homebuyers in 2021.
This is perhaps the first of its kind of open session meeting over a stuck project in which allottees and promoters held open discussions under official supervision of RERA.
The agenda of the meeting included – 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.
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.
