Status as on- 11/12/2020
The Haryana Real Estate Regulatory Authority has issued notice to Empire Realtech Pvt Ltd along and an associated company, CHD Developers for completion of ongoing projects or face cancellation of registration.
The authority has also decided to restrain builders with previous delayed projects from fresh license issuance and blacklist them.
Numerous homebuyers suffer when the builders leave their ongoing projects midway to undertake new ventures. Allottees who have already invested hefty amount of money are left hanging around for years.
In one such instance, Empire Realtech Pvt Ltd launched a real estate project 106 Golf Avenue, Sector 106, Gurugram, in 2011. Though, the possession was to be given by December, 2016, homebuyers are still waiting and running to and fro for desirable solution. Meanwhile, the builder has revised the date as 30th June, 2021 for completion of the project.
Steps Taken by HARERA
The HARERA has decided to debar builders from acquiring fresh licenses whose previous projects have been delayed. Also, the authority will blacklist such builders and a list of 50 builders in Gurugram has already been prepared.
The authority is planning to put a stop on all the builders who have been defrauding homebuyers. A builder cannot start a new project leaving an ongoing project midway and divert the funds of the project which is supposed to be completed first.
The HARERA has sent notice to Empire Realtech Pvt Ltd along with an associate company, CHD Developers to either complete the halted projects or face invalidation of registration.
The much appreciated step by HARERA will prove to be a ray of hope for all the disgruntled homebuyers waiting since years for completion and delivery of their flats. Moreover, it will put a check on duping builders before issuance of license for new projects and compel them to complete the old ones in order to protect the interest of homebuyers.
Disclaimer: The above article is based on the interpretation of the related laws and judicial pronouncements. The readers are expected to take legal advice before relying on this article. The author can be reached at email@example.com