The Haryana Real Estate Regulatory Authority (H-Rera) has ordered developer ILD to submit a resolution plan for an unfinished project in Sector 37C and give over units to allottees.
The regulator warned the builder that the project must be completed or the builder’s land, offices, plots, and flats will be attached or auctioned to obtain lacking cash to complete the project, which has been in doubt since 2009.
H-Rera chief KK Khandelwal scrutinized the builder’s records at a meeting on Friday to determine sold, unsold, and mortgaged properties. He issued an order freezing all ILD money transactions with immediate effect.
The ILD Developer Has Been Charged With Appearing With The Final Resolution Plan
Khandelwal stated that the developer failed to comply with previous H-Rera regulations and threatened stern legal action against its developer. “We are giving you the last chance to resolve the issue of aggrieved allotees without further delay,” he told the ILD developer during the meeting.
In 2008-09, ILD announced ILD Greens, a six-tower residential project in Sector 37C, and collected 70% to 80% of the money from 192 buyers, with the promise of delivering units by 2010-11. The purchasers are still fighting for control of their apartments.
The authority has issued summons, instructing the ILD developer to appear on September 7 with the final settlement plan.
How H-Rera Warned ILD In Case Of Possession Failure
In the presence of 50 project purchasers at the H-Rera office, Khandelwal threatened ILD developers with civil imprisonment if they did not cooperate.
The authority also issued an order to attach the developer’s personal vehicle, which it later rescinded after the developer provided assurances of compliance.
When contacted, a developer spokeswoman stated, “We have delivered five out of six buildings in ILD Greens, and the resolution plan for the sixth tower has been submitted to H-Rera for approval.”
The National Consumer Disputes Redressal Commission (NCDRC) offered some relief to project homeowners in April by mandating the builder to complete construction and give possession within six months, along with 8% simple interest (SI).
“IF the builder fails to deliver possession within six months, and the delay exceeds six months, buyers will have the opportunity to seek a refund at 9% SI, which must be paid within six weeks, or the builder will pay an interest of 12% per annum,” the commission stated.
