Greenopolis Project
Img : smcrealty

The Haryana Real Estate Regulatory Authority [HRERA] bench of Gurgaon directed the Orris group to complete Greenopolis project within 24-months. The bench also directed the developer to deliver the flats to the home buyers within the said period.

The HRERA bench is likely to issue a written order on the same which will also direct the developer to begin the work of this project by January 5, 2019 which should be completed and delivered by January 4, 2021.

The bench also said that the developer will be penalized for Rs. 50 crores if the company fails to commence the project work by the said date. The HRERA bench also said that an additional fine of Rs. 1 crore per day will be slapped in case of further delay. The Orris developer is also directed to get the project registered under the RERA Act.

Earlier in 2011, Orris, along with 3C, had applied for a license for the project in Sector 89 and started to sell these flats in the year 2012.

The 3C partners of the Orris developer were responsible to construct the entire project that comprises of 1,862 units in 29 towers that were planned over 47 acres of the land parcel.

Out of these flats, 35% were offered by the Orris group while the remaining 65% were owned and sold by 3C. The construction of the same had begun in 2014 with a promise to deliver them in 2015. Unfortunately, the construction came to a halt when the project was completed upto 45%.

The HRERA will hear the Greenopolis case next on January 8, 2019, and is likely to order a refund to the investors in case the Orris group fails to commence construction of this project by the given date. i.e. 5th January 2019. Also, the bench is likely to constitute a monitoring committee, with four flat owners on board, to supervise the project work.

One of the home buyers said that the project has been delayed for a long and thus we don’t want to celebrate until the project gets completed and possession is offered to us as we are still doubtful about the developer starting and completion of the same project.

Some home buyers also asked to direct the developer to deposit money into the escrow account as the company will require huge money to complete the project within 24 months period.

The home buyers also said that they don’t have more money to pay as they have already paid a huge sum of amount for the project.