The Haryana Real Estate and Regulatory Authority (H-Rera) has issued directions for the appointment of surveyors to inspect the pending work and estimated cost of the Greenopolis Project in Sector 89.
The directions were issued after a hearing in the H-Rera court on Thursday. Earlier in the day, around 70 homebuyers gathered at the office of the regulatory authority to protest delay in the project.
K K Khandelwal, chairperson of H-Rera in Gurugram, issued a stay order on alienation or creation of any kind of rights, encumbrance, sale, transfer, etc, on floor area ratio (FAR) of the 10 acres of the 47 acre plot left as common area. A similar stay has also been ordered on the unsold inventory of Greenopolis Project, held by promoters Orris and The 3C Company, and their group companies.
The directions further state that any future sale and collection by Orris or The 3C Company will be monitored under a mechanism directed by H-Rera, including escrowing of receivables. More importantly, a quantity surveyor will be appointed for assessing completed work and cost incurred so far. The pending work and cost to completion will also be analysed.
An internationally reputed financial auditor will be appointed to carry out financial due diligence of the entire project, as well as that of the promoters (including third party rights holders). They will also assess if any amount has been diverted or siphoned off by the developers. Orris and The 3C Company have also been asked to submit complete details of the project, and to register it under H-Rera.
Construction of the project began in 2014, with possession promised by 2015. However, it has been lying incomplete for the past three years. There are around 1,800 flats in 29 towers spread over 47 acres.
Earlier in the day, around 70 homebuyers of Greenopolis gathered outside the H-Rera office in Civil Lines to protest. They alleged a dispute between the two promoters over who will do which work for the delay. “I booked a house in 2011. I was impressed by the construction of their Noida project. Possession was promised in 2015. When I invested, the frameworks were already erected, but construction suddenly stopped around end-2015, with interiors and community areas left incomplete,” said Rajnish Sharma.
“My wife and I invested all our savings and provident fund in this. We even borrowed money from our son. We were told it will be a green society with all facilities within the complex,” said Krishan Narula, a retired government official. “All of us have paid up around 91% of the cost, involving over Rs 1,000 crore in total. The developers would demand money every 2-3 months, till the frameworks were completed. Nothing has happened since then,” said Vijay Raj, member of Greenopolis Buyers Association.
The Orris representative said, “We want to complete the project. Let H-Rera tell us how to go ahead with it.”