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- Any updates guys. pls read below.
Home buyers collaborate with developers to complete projects
Home buyers collaborate with developers to complete projects | Real Estate Property News, Price, Updates, Trends in india @TheRealtyPaper
Rather than dragging builders to court over long delays, the home buyers are now trying a collaborative approach in which they fund the completion of their homes but demand oversight of the expenditure and progress of the project. With builders pleading they are unable to raise funds to complete projects, buyers’ associations are chipping in at Uniworld Gardens II and Residences (Unitech), and Aloha (Aerens Group), in Gurgaon. In Noida, similar efforts have been mounted at Celeste Tower (Assotech Group) and Lotus Zing (3C). Other builders such as Amrapali and Jaypee Group, who had launched thousands of flats across Noida, Greater Noida, and Ghaziabad, are also trying to get buyers to collaborate, especially in projects where their dues from buyers exceed or are close to the cost of completion. “Now, we see some hope of getting our flats completed,” said Rahul Aggarwal, president of the residents’ welfare association (RWA) at Unitech’s Uniworld Garden II in Gurgaon. The project is five years overdue and, Aggarwal said, buyers had grown tired of making the rounds of the construction site and the developer’s head office. So, when the Haryana government nudged the builder to speed up work, they too decided to play along. “We wanted our flats and realised that going to court was not an answer as that would have delayed the delivery further,” said Vikram Bishnoi, RWA president at Unitech Residences. Sanjay Chandra, co-managing director of Unitech, said they agreed to take buyers’ representatives on their monitoring committee to restore confidence in the management and get buyers to start paying their dues. Although payments from buyers will not suffice to finish the projects, Unitech has promised to bridge the gap, and expects to hand over 1,400 apartments by the year-end. It has also replicated this buyer-builder monitoring body in its other residential projects like Nirvana Country II in Gurgaon and Unihomes I in Noida. Rohit K, who bought a flat in Aloha, has been paying an EMI of Rs 37,000 since 2005, and his rent has also increased to Rs 23,000 a month in the past 11 years. But now that Aerens Group is collaborating with buyers to finish the project, Rohit is “hopeful of getting possession of my flat by December this year”. Shrey Aerens, promoter of the group, said they are comfortably placed in terms of funding as finishing the flats will cost Rs 7.5 cr, as against their receivables from buyers of Rs 9 cr. The construction stalemate in NCR started because builders diverted buyers’ payments to start new projects. But this rollover funding model crashed in the downturn of 2008-09 as new bookings and also funds from banks and private equity dried up. By allowing buyers’ representatives to monitor projects, builders hope to end the trust deficit. The payments received from buyers of a project are held in an escrow account and cannot be withdrawn without the signature of the representative, nor spent outside the project. To tide over any shortfall, the builder raises funds through block sales of unsold units and other sources. Assotech has opened an escrow account for its Celeste project in Noida, and handed over 49 of 362 units. Although it faces a shortfall of Rs 35 crore, it has promised to finish the project this year. 3C’s Lotus Zing project in Noida that was launched in 2010 is also being finished under a similar arrangement. Its RWA president, Sunel Kant, said construction had resumed in January 2016 and fit-outs will start in two of the 16 towers in June. The entire project with 2,454 apartments is expected to be ready by May 2017.CommentQuote0Flag
- Why everyone so silent? No news? I am sure some of you must be visiting Assotech site/office. Guys pls keep posting.
- Need opinion from people living in the society about construction quality and if there are any issues here or notCommentQuote0Flag
- Assotech is a Fraud Builder. Be it Windsor Court , be it Nest , Be it Celleste or Breeze. There are multiple cases of fraud where he has sold same flat to multiple buyers. There are inquiries taking place against Sanjeev Srivastava prime accused. I guess Windsor court people know this double sale cases well. Now 1 case in Celleste is also identified Imagine a Flat sold to 2 parties for 2 Crores each. Beware of this Scamster if you are planning anything with themCommentQuote0Flag
- Is all of this true?CommentQuote0Flag
- Hi can anyone let me know the current status of assotech liquidation which is going in delhi high court and also if anybody also can give me details of that case no. Etc.CommentQuote0Flag
Assotech is turned out to be a cheater. How can 40 duplicate allotments is possible? If mistake happened in 2012, why the builder kept silent till date? These fraud stars should be sent to jail.CommentQuote0Flag
- Assotech has due of around 67 crores for this project. Check item no. 53 in the list of Group housing society Defaulters released by Noida Authority
- SC directs Delhi HC to protect interests of Assotech Windsor Court homebuyers The court passed the judgment after hearing a number of petitions from the home buyers against real estate major, Assotech Private Limited.ANI | January 27, 2018, 12:00 IST
NEW DELHI: The Supreme Court has directed the Delhi High Court to protect the interest of home buyers in the Assotech Windsor Courtproject.
A division bench of the Apex Court, headed by Justice Arun Mishra, said, "The Delhi High Court must protect the interest of these home buyers who had approached the Apex Court for relief in the Assotech case."
The court passed the judgment after hearing a number of petitions from the home buyers against real estate major, Assotech Private Limited.
Challenging the winding up of the real estate company, Assotech Private Limited, 100 odd home buyers of Assotech Windsor Court project, had filed a Public Interest Litigation (PIL) before the Apex Court seeking its direction and intervention to keep their interests intact.
Supreme Court lawyer and Advocate on Record (AoR) Ashwarya Sinha, the counsel appearing for many petitioners, submitted to the top court that "the petitioners have invested their hard earned money in the project, Assotech Windsor Court, situated in Noida Sector - 76. If the company, would be closed down, without the interest of homebuyers being secured, the same would cause severe hardships to these home buyers".
A petition copy, which is exclusively accessed by ANI, claimed that this very petition was filed in the Apex Court keeping in view the interest of justice for homebuyers.
The top court had, after hearing the arguments and submissions by Sinha, said, "The Delhi High Court will keep in mind the interests of home buyers before any order is passed into the case."