In a first, the Greater Noida bench of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has asked around 700 homebuyers of Subhkamna Tech Home to come up with a financial plan to complete the housing project in Sector 137. Sold in 2011, the Tech Home project was due for completion and handover in 2014.
The bench on October 16, gave the homebuyers 10 days to make their own financial plan to complete the project and submit the same to Rera for an approval.
“Once we get the plan, we will forward it to the financial consultants of Noida Authority, Currie & Browne, to weigh it. Once the agency gives a nod, we will allow the buyers to complete the project by themselves. If this is executed, this will be the first-of-its-kind project to be completed by buyers,” Balwinder Singh, a UP-Rera member, said.
“However, the builder owes about Rs 80 crore to the Noida Authority, which also needs to be considered during the resolution,” he added.
The buyers claimed they have paid up 90-95% of the cost of the flats to the builder, amounting to Rs 200 crore, and are left with no other option but to take the onus of completing the project as the real estate company, Subhkamna Buildtech, is in a mess.
“We have formed a team to find out the viability of our proposal. If we can pool funds together and engage an external contractor, we can complete the project within six months. Of the four towers of the project, one is 80% complete, while three others are 60-70% complete,” said Pankaj Bansal of Tech Home Flat Owners Welfare Association.
The Tech Home project was due for handover in 2014, however the project has remained incomplete till date. On the basis of buyers’ complaints, one of its directors was arrested earlier this month.
According to buyers, there is no one at Subhkamna Buildtech to take ownership of this project at present, leaving them with the only option to complete it by themselves. “With the massive financial misappropriation, we have no faith in possible refund, so we want to complete the flats,” Bansal added.