GURUGRAM: More than hundred allottees of an affordable housing project — Expressway Towers in Sector 109 by Ocean Seven Buildtech (OSB) — protested at the H-Rera office against the developer and demanded early completion of the project.
For last two years, the allottees have been demanding action against the developer for its failure to comply with the terms and conditions of licence issued for the project. The developer was granted licences in 2016, 2018 and 2019 to develop three affordable housing projects.
The allottees protested at the authority office on Monday and also demanded action against the developer for failing to deliver the project till date.
H-Rera bench gave an opportunity to the builder to explain its intention on project completion along with its plans to secure fresh funds for the incomplete project. The developer clarified that the company still intends to complete the project but needs additional funds to complete the same as they are yet to receive the last instalment from multiple homebuyers.
A homebuyer said the developer cited freezing of accounts with H-Rera as an excuse for the fund crisis. The buyers said that the authority was of the opinion that the project is still viable and can be completed if mistrust with buyers can be sorted out along with allowing the builder to sell enough units in the commercial part through which they can raise additional funds needed to complete the project.
On this, the homebuyers requested the H-Rera chairman to keep the tracking of accounts in their hands so that funds cannot be misused by the builder and only when they are assured of construction status at site, the necessary funds to be released.
H-Rera Gurgaon chief Arun Kumar said, “We had a reasonably cordial meeting with a complete focus on resolving the issue. The fundamentals of the project are strong and are capable of supporting its completion. We have asked both the parties to meet and work out a road map for the execution, which we expect to happen as it is in mutual interest. At some point of time, a joint working group involving promoters and the allottees to work on the nuts and bolts of the project and to take it to a logical end shall be conceived”.
