Lavasa residents count on final bid decision for pending project – ET RealEstate

PUNE: Residents of Lavasa hill station are awaiting a final decision with two companies submitting bids for the project ahead of the final deadline that ends in October. The residents have been waiting for the bids for the last three years.

Residents said that Mumbai-based Darwin Group of companies and Delhi-based Dhir and Dhir Associates have submitted their bid and are now hoping that the Committee of Creditors weigh the ability of the resolution applicant thoroughly in the interest of the residents, who have been waiting for the last three years for the final decision.

“We are hoping for a positive resolution as failure would lead to liquidation, which would be detrimental to the interests of all,” stated Suresh Goswami, a resident of the hill station, who has been on the forefront about raising the issues before the central and state government.

In May this year, residents of the hill station project had written to chief minister Uddhav Thackeray urging him to revive the scheme. In their letter, the senior citizens said it has been 34 months since Lavasa approached the National Company Law Tribunal (NCLT), but there has been no final decision or resolution on who can take over the project.

They also sought to know why the government was not interested in the project. The residents had earlier approached the prime minister and the housing affairs ministry.

Now, with the bids to be finalised soon, residents are hopeful that their issues would be resolved. “It has been a long wait of three years, as against the law-mandated six-month period, for the process to get to this stage of near completion,” shared Goswami. The company was admitted for Corporate and Insolvency Resolution Process (CIRP) by the NCLT in August 2018, he pointed out.
Lavasa residents count on final bid decision for pending projectVineet Tulsyan of R3 Corporate Advisors, who are advising Darwin Group, said that the group is quite positive on the resolution of Lavasa. “As their advisors, we have tried to understand the complexities and innumerable hurdles of the project mainly related to Environmental Clearances and MahaRERA.

Homebuyers are the biggest sufferers here, besides the secured financial creditors. Keeping that in mind, we have prepared and submitted a very balanced plan. We are hopeful Lavasa will see a successful resolution this time. Liquidation won’t be the right thing for this asset, that’s what we believe,” Tulsyan told TOI.

When contacted, Purusharth Singh, partner at Dhir and Dhir Associates, shared the following statement by Srishti and Madhav Dhir, the resolution applicants, “We recognize the residents of Lavasa City as the primary stakeholders in the entire resolution process and we truly believe that our resolution plan will give due credence to the plight and effort of the residents and aims at maximization of value for all other stakeholders, especially financial creditors.

We are also confident that with the combined efforts of the residents, backed by meticulous planning that has gone into the preparation of our resolution plan, we will be able to surmount all challenges especially those related to environmental clearances and the city shall reclaim its vibrant character.”



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Senior citizens of Lavasa hill station reach out to Maharashtra CM to revive project – ET RealEstate

PUNE: Senior citizens of Lavasa hill station project have written to chief minister Uddhav Thackeray, urging him to revive the scheme.

In their letter, the senior citizens said it has been 34 months since Lavasa approached the National Company Law Tribunal (NCLT), but there is no final decision or resolution on who can take over the project. “Why is the state government not taking interest in this project?” asked Suresh Goswami, who approached the CM on behalf of the Lavasa residents.

He had earlier approached the Prime Minister and even Housing affairs ministry. After a complaint was filed under the central public grievance portal, the Centre had directed the state government to look into the issue. However, no action has been taken since then, Goswami said.

In the letter, the residents said the project value has been reduced many fold, yet there is no investor and no intervention from the state government. “Lavasa residents are struggling with incomplete buildings and overall upkeep of the area,” Goswami said.

The residents have also approached the Maharashtra Real Estate Regulatory Authority as well as Economic Offences Wing regarding the project. “There is no single defined authority where a senior citizen in trouble can approach or communicate,” Goswami rued.

In the letter to MahaRERA, the residents stated that Lavasa Corporation registered all the incomplete projects in Dasve, but did not register almost 800 incomplete properties in Mugaon. “These projects are over 10-11 years old, exceed Rs 500 crore in investment and do not include any interest and compensation as per the RERA Act,” stated the residents’ letter to MahaRERA.

“We have been requesting the Lavasa Corporation Limited and the Resolution Professional to get the mandatory permissions, registration and licences as a majority of the buildings are 80-90% complete in Dasve. He said that they collectively within the Lavasa citizens desired to complete the buildings on their own but these requests have not been considered at all. The president of Apex Association of Lavasa Residents and other committee members have also tried to address the issue of Non-Possession holders but so far there is no hope at al”he said.

The copy of the complaint filed to EOW has been forwarded to the Chief Minister too, he added



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CPGRAMS directs Maharashtra government to address Lavasa residents’ grievances – ET RealEstate

PUNE: The Central Public Grievance Portal (CPGRAMS) has directed the state government to address the grievances of Lavasa residents.

In a reply to a complaint filed by Lavasa resident Suresh Goswami, under the apex association of Lavasa property owners, the centre has said that ‘land and colonization’ being state subjects should be addressed by the state government.

Residents of the Lavasa hill station project had launched an online petition addressed to PM Narendra Modi to save the city facing infrastructure issues and liquidation last year. The residents filed a complaint with the central government’s public grievance department this year.

The department of administrative reforms and public grievances replied to the complaint filed by Goswami on October 14. The CPGRAMS in its reply has directed the state government to address the issue terming it a state subject.

Goswami had written to the housing and urban affairs ministry and the prime minister’s office last year and, having received no response, he approached CPGRAMS. “The state government’s housing ministry will now have to address our issues,” he said.

Lavasa residents are having a difficult time with the management of the private hill station under the Resolution Personnel (RP) appointed by National Company Law Tribunal for the last two years.

Association members are demanding that the state government take over the control and administration of the place. “We are neglected of our basic rights, whether it is motorable roads, reliable utilities, security, uncollected garbage are just basic issues,” apex body members stated in the letter.

While maintenance charges are regularly paid by most residents, there is no news of unfinished buildings. “While around 1,300 home owners were given possession, all of them have grave warranty defects, such as heavy seepage and cracks. Of these, 300 owners are senior citizens,” stated the residents.



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