In first of its kind order the Real Estate Regulatory Authority (RERA) of Haryana’s Panchkula has asked a group of residents to take over a project and complete the remaining construction work.
Over 100 residents of Faridabad’s Piyush Heights society have agreed to pool in R 8 lakh each to complete the project and move in to their dream home.
were expecting completion by 2011 by could not get it as builder failed to complete the project. RERA suggested us to form a association and we should be ready to pay extra money if needed,” said MC Jain, president of J&K tower of Piyush heights.
There are 16 residential tower in the society and the builder had given possession of 14 towers.
The remaining two towers left uncompleted and the buyer had moved RERA as the builder could not give possession.
“We will pay 15-20% extra but at least we will get the flat,” Jain added.
The buyers found that directors of Company are in Jail and construction was stalled.
According to RERA order, the builder failed to appear despite public notices and in the sixth hearing, a representative of builder asked for adjournment.
RERA refused an adjournment to the respondents. Some of the unsold flats will be sold by the district authority to recover cost.
Source From:https://economictimes.indiatimes.com/wealth/real-estate/in-a-first-haryana-rera-asked-residents-to-pool-in-money-to-finish-project/articleshow/71823728.cms
