One-Fourth Gurugram Projects Are Stressed: HRERA
<span style="font-weight: 400;">Around 70,000 real estate units – almost one-fourth of the total units being monitored by the Haryana Real Estate Regulatory Authority (HRERA) in the Millennium City – across 30-odd projects are stressed for various reasons, disclosed HRERA Gurugram Chairman K.K. Khan
Published -
Dec 2, 2020 6:43 AM
Around 70,000 real estate units – almost one-fourth of the total units being monitored by the Haryana Real Estate Regulatory Authority (HRERA) in the Millennium City – across 30-odd projects are stressed for various reasons, disclosed HRERA Gurugram Chairman K.K. Khandelwal. RERA was ordering refund to the unit owners for the projects that seemed doomed, but supporting those projects that could still be completed keeping in mind the interests of the large number of unit-holders. “In many cases, the unit owners are approaching us with the appeal for refund in stressed projects since they bought units at higher rates and now the market prices have dwindled. But if we find that the project can be completed, we don’t order for refund since it will harm the interests of other unit-holders and the developer. In such cases, we only order penalty for the delays. If a project is unlikely to be completed, we order refund,” said Khandelwal. Five of these projects belong to Raheja group, he added. He conceded that in the initial years many RERA orders were challenged in the Appellant Tribunal and the Punjab and Haryana High Court leading to delay in execution of the orders, but these were all “teething troubles” and the orders of the authority were now all executed except 703, which were pending for various reasons such as the developer being on the run. He added that it took time for the law to settle. Around 400 projects are registered with the authority with the total area of nearly 1.0 lakh acres (1,06,657 acres). Around 2,50,000 units are under monitoring of this authority as of now, of which 60,000 units are in the Affordable Housing segment. With the aim to reduce petitions and expedite grievance redress, the HRERA Gurugram recently set up a mediation forum.
Tags : News/Views Gurugram Haryana Real Estate Regulatory Authority (HRERA) Affordable Housing segment