Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Realty firm Chintels Group has offered to buy back 180 flats from homebuyers of three towers of its project in Gurugram, which were declared unsafe after a partial collapse last year. The collapse of a residential tower in Chintels Paradiso project led to the death of two women. The CBI is currently investigating the collapse and the petition has been filed with the Supreme Court by the residents seeking compensation and action against the developer.
In a letter to Gurugram Deputy Commissioner and the Director General of Town and Country Planning, Haryana, Chintels India has given two options to affected homebuyers. The first option is that the company will buy back flats in Tower D, E and F at Rs 6,500 per square feet (super area) and refund the actual stamp duty paid by the flat owners. The second option is that the company will repair and/or rebuild the three towers, seeking Rs 1,000 per square feet from allottees if there is a need to redevelop any tower.
Chintels has stated that it will not pay rentals to residents of Tower D from April 30 for alternative accommodation. The company has given these two options and has requested that these three towers be handed over to the company soon, and all restrictions on registrations of sale deeds of all its projects be removed. Officials form the company have been quoted saying that the company is committed to the well-being of its customers and hopes that this will satisfy them and restore their faith in the company's commitment to give them a safe and secure home. The rate offered by the company appears to be higher than the prevailing market rate of several similar projects in the vicinity.
The buyback or redevelopment of the unsafe towers in Gurugram is not a new trend in the Indian real estate sector. Several such incidents have occurred in the past where builders have failed to deliver safe and secure homes to their customers. These incidents have led to a rise in the number of cases being filed in consumer courts and the Supreme Court. The government has taken various steps to ensure the safety of homebuyers, such as implementing the Real Estate (Regulation and Development) Act (RERA) and setting up state-level Real Estate Regulatory Authorities (RERAs).
Chintels Paradiso is a residential project developed by Chintels India Ltd located in Sector 109, Gurugram. The project was launched in 2009 and was expected to be completed by 2013, but due to delays, it was completed only in 2017. The project has a total of 723 units spread across 9 towers, out of which 3 towers (D, E, and F) were declared unsafe by the National Disaster Management Authority (NDMA) after a partial collapse of Tower D in February 2020. The NDMA also found that there were serious structural deficiencies in the other two towers. As a result, the residents of these towers were evacuated, and the authorities prohibited the sale of flats in these towers until they were declared safe.
Following the incident, the residents of the affected towers formed an RWA and approached authorities seeking compensation and action against the developer. The Supreme Court also took note of the incident and directed the Central Bureau of Investigation (CBI) to investigate the matter. The Chintels Group, on its part, has been trying to resolve the issue by offering to buy back the flats from the affected residents or repair and rebuild the towers.
In conclusion, the Chintels group's offer to buy back or redevelop the unsafe towers in Gurugram is a step in the right direction to restore the confidence of homebuyers in the Indian real estate sector. The government's efforts to ensure the safety of homebuyers through RERA and RERAs are also commendable. The real estate sector in Gurugram is expected to recover slowly as the economy bounces back from the pandemic's impact. The focus on affordable housing is a positive trend and is likely to drive sales in the coming years.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
