Samir kumar, Indian businessman

Gurugram, Oct 24 Fed up with builders not completing projects on time, The Haryana Real Estate Regulatory Authority (HRERA) on Friday decided that the builders who delay their ongoing projects will be blacklisted and debarred from future projects.The authority has issued a notice to Empire Realtech Pvt Ltd to blacklist the builder along with associated firm CHD Developers and debar them from further registration for new projects till the ongoing projects are completed.A notice was also issued to complete the project and hand over possession to the allottees or face cancellation of registration.According to the orders, Empire Realtech had launched a project in 106 Golf Avenue, Sector 106, Gurugram, in 2011 and possession of the apartments was to be given by December 2016. But even after four years of delay, the buyers are running from pillar to post for to get possession of their apartments.The promoter intimated the buyers about the revised date for completion of the project to as June 30, 2021 but the project has still not been completed.The HRERA bench headed by K.K. Khandelwal in the presence of its members Samir Kumar and Subhash Chand Kush has issued notice to the erring construction firm, asking the reasons for the delay."There are 642 units in the project out of which 600 units have been sold. Nearly Rs 500 crore have been collected from the allottees by 2016. The promoter has also taken loan of around Rs 150 crore out of which Rs 36 crore are still outstanding. Despite availability of funds, both from allottees as well as lenders, the project is far from complete," read the order.There are nine towers in the project and in only three towers around 80 per cent work has been completed. The construction is stuck up from October 2018 and the allottees have paid 90 per cent of the cost of the apartments."It seems that the funds have been siphoned off by the promoter as even after receiving more than Rs 600 crore from the allottees and lending institutions, only Rs 168 crore have been incurred on the construction," the bench said.The authority has now decided to order a forensic audit of the project account."The promoter has not even opened a separate RERA account for the project. Allottees' instalments were received in another account of the bank and all the money deposited by the buyers were taken away by the lender, whereas 70 per cent amount should have been deposited in a separate RERA account to be used only for construction work," the beach added.The promoter has been asked to submit a mitigation plan for completion of the project within a month in consultation with the association of allottees. The authority has also given an option to the association of buyers to take over the project for its completion.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Samir KumarFOLLOW

Samir kumar, Latest News

Business :Great Place to Work® certifies Modicare Limited as India's 5th best Mid-size Company to Work for 2nd consecutive year in 2021

Close on the heels of its Silver Jubilee celebrations, Modicare Limited, one of India's leading direct selling companies, is delighted to announce it has been recognised by Great Place to Work® as India's 5th best Mid-size Company to Work for the sec ...

Business :Modicare celebrates #25SaalBemisaal of enabling Indians to fulfil their dreams

Modicare Limited, India's first Direct Selling Company, marks a significant milestone in its strong legacy of transforming lives and giving Azadi as it completes 25 successful years in the industry. The journey of Modicare started in 1996 with a visi ...

Business :This International Women's Day, Mirchi renamed its radio station from 98.3 to 98. Stree to support Modicare's #SapnoKiAzadi Initiative

After an impactful association last year Modicare Limited, one of India's leading direct selling companies and Mirchi are back with their revolutionary women empowerment campaign -'Sapno Ki Azadi'. ...

Business :Celebration of Women who made a difference during corona pandemic at AIIMS JPNATC , New Delhi

It's been almost a year we lived a normal life, the pandemic has changed our ways of living and also the way we look at life. As the saying goes every cloud has a silver lining, the pandemic has made us more aware about human life and values. ...

Business :India's favourite popcorn brand 'Popcorn & Company', makes its way to 24Seven

India's much loved popcorn brand Popcorn & Company, known for its handcrafted gourmet popcorn with the finest ingredients sourced from all over the world, has been launched on 24Seven outlet in Regal building, Connaught place. The launch, which took ...

Politics :Builders to be blacklisted for delay in construction: HRERA

Gurugram, Oct 24 Fed up with builders not completing projects on time, The Haryana Real Estate Regulatory Authority ... ...