Listen To The Article
Sanskar Homes, a Delhi-based real estate developer, has paid Rs 71 crore for an 800-square-yard property in South Delhi’s Westend. Ravi Arora’s company intends to build residential floors on the property.
Previously, the company, which focuses on luxury floors, had purchased a bungalow from Mobius Foundation chairman Pradip Burman for approximately Rs 75 crore.
Earlier, Sanskar Projects and Housing Private Limited was hauled before the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code for a more than Rs 5 crore default by its financial creditor Realpro Realty Solutions.
The buyer of a Jor Bagh property against the developer for breach of the property development agreement has also issued a public notice.
According to experts, plot acquisition in the prime south Delhi market has increased as demand for luxury apartments with amenities has increased. The developers are buying up old assets, constructing four floors, and selling them separately.
Real estate demand certainly exists for luxury floors. Still, after the recent order by the Real Estate Regulatory Authority (RERA), it has become difficult for local builders to start construction immediately after acquiring land, said an industry expert. Now, if a builder is carrying out construction on a plot more prominent than 500 square meters, regardless of the number of units, he must register with RERA.
Builders who failed to register their projects with RERA had become a nuisance because buyers had no recourse in the event of a delivery delay. Sanskar Homes paid Rs 4.26 crore in stamp duty for the property, according to a copy of the sale deed.