Gurugram: Ansal Fernhill buyers protest over 11-year delay in flat handover – ET RealEstate

GURUGRAM: A group of homebuyers from Ansal Fernhill, a housing project in Sector 91, on Saturday staged a protest against the developer over the delayed possession of their flats.

Around 70 homebuyers, along with women, children and senior citizens, gathered at the project site in the morning, holding posters and raising slogans against the developer for failing to complete the project even 11 years after its launch. Despite paying 95%-100% of the project cost, the homebuyers claimed they are yet to get possession of their flats.

Munish Abrol, president of Fernhill Flat Buyers Welfare Association, said, “The project was pre-launched in 2010 and the developer took 30-40% of the flat’s cost from buyers then. After struggling for years, the developer finally gave us builder-buyers agreement in 2014, with a deadline of 2018. To date, only two of the 14 towers are 95% complete and six are 40-50% complete.”

The aggrieved homebuyers approached the National Company Law Tribunal (NCLT) against the developer in February this year.

Bibuthi Biswas, secretary of Fernhill Flat Buyers Welfare Association, said, “For three years, we tried to reach out to the developer and sought clarity on the construction but got no response yet. We have now decided to fight for our rights unitedly.”

Despite repeated attempts, the developer’s authorised representative could not be contacted.



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Jaypee homebuyers request prime minister to intervene – ET RealEstate

Close to 20,000 homebuyers in the bankrupt realty developer Jaypee Infratech’s residential projects in Noida and Greater Noida have urged the Prime Minister Narendra Modi to intervene to ensure completion of stuck project.

Jaypee Kensington Boulevard Apartments Welfare Association (JKBAWA) have written to the Prime Minister after holding a protest at Jantar Mantar on Saturday.

“We are extremely confident that your urgent intervention will lead to early delivery of dream homes of thousands of homebuyers and play helpful role in economic recovery of our nation,” the association has said.

Recently, Supreme Court had asked Suraksha Realty and state-run NBCC (India) Ltd to submit modified or fresh resolution plans to take over the projects.

“Housing Minister Hardeep Singh Puri and Finance Minister Nirmala Sitaraman are well aware of our decade long problem. Despite of their honest and best efforts (change in IBC laws, formation of real estate funds for stuck projects) our miseries are not ending,” the letter reads.

Homebuyers have demanded unconditional bids from both NBCC and Suraksha Reality, so that they pass through CoC (committee of creditors) and stand legal scrutiny.

“We need support of banks as well. If there is shortage of startup construction money (Highly Unlikely) then we request FM to release the funds from real estate funds established for this purpose,” the letter reads.

Homebuyers have also alleged that Erstwhile promoters of Jaypee Infratech are creating impediments in the resolution process by influencing all the organs of government and other institutions.

“One thousand homebuyers have registered FIR. We request you to fast track the investigation process,” homebuyers said.

Jaypee Infratech went into insolvency in August 2017.

The apex court court had in August last year transferred to itself all appeals pending before the National Company Law Appellate Tribunal (NCLAT) against the NBCC plan to take over Jaypee Infratech and construct flats.

Jaypee Infratech’s committee of creditors (CoC) had on December 18, 2019 selected NBCC to acquire the company with 97.36% of the votes. The other contender was Suraksha Realty.

In March 2020, the National Company Law Tribunal (NCLT) had approved a proposal of NBCC to acquire Jaypee Infratech.



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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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CCI approves acquisition of RMZ’s commercial assets portfolio by Brookfield – ET RealEstate

NEW DELHI: Fair trade regulator CCI on Tuesday approved the acquisition of realty firm RMZ‘s commercial assets portfolio and co-working business by global investment firm Brookfield.

According to the information filed with the regulator, the deal involves the acquisition of certain real estate projects housed in RMZ Infotech, RMZ Galleria (India), RMZ North Star Projects, RMZ Ecoworld Infrastructure and RMZ Azure Projects.

It also entails the acquisition of 100 per cent shareholding by Brookfield Pvt Capital Ltd in CoWrks India Pvt Ltd.

The proposed combination is intended to be undertaken to enable the Brookfield Group to create value for the target projects and CoWrks by increasing cash flows and asset values, as well as by realizing its investment at the right time, the notice said.

It will also allow the RMZ group “to minimise the risk of geographic concentration and lend greater focus on other greenfield and brownfield projects and enable it to transition towards its objective of being a near-zero debt company,” it added.

The regulator in a tweet said it “approves Brookfield’s acquisition of certain real estate projects of RMZ Group & CoWrks”.

In another tweet, the Competition Commission of India (CCI) said it “approves demerger of the textiles business of GHCL Ltd. into its wholly-owned subsidiary GHCL Textiles Limited”.

The approval came after the board of directors of the GHCL Ltd, a public limited company, in March approved a scheme of the arrangement, involving an internal restructuring of its business by way of a demerger of its textiles business division into its wholly-owned subsidiary company named GHCL Textiles Ltd.

The proposed demerger is subject to receipt of the requisite approvals from the shareholders, creditors, and regulatory authorities — National Company Law Tribunal (Ahmedabad bench), Regional Directors, Registrar of Companies, Income Tax Department, Stock Exchanges and Sebi, a summary of the proposed combination filed with CCI said.



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