H-RERA met with the homebuyers concerned with the delays in the OSB Expressway Towers project in Sector 109, Gurgaon, and has issued a final warning to the builder. The project, which has been delayed for more than seven years, must be completed within the next six months. If the builder fails to meet this deadline, H-RERA may transfer control of the project to a buyers' association or bring in a third-party builder to finish the work. This decision is intended to protect the rights and interests of the homebuyers who have been waiting for their homes for an extended period.
Last week, the Haryana Real Estate Regulatory Authority (H-Rera) held a crucial meeting with the homebuyers of the stalled OSB Expressway Towers project in Sector 109. The stalled project, which has faced significant delays, prompted the H-Rera to issue a final warning to the builder. The regulator stated that if the project is not completed within the next six months, they will be invoking Section 8 of the Rera Act. This action would lead to the transfer of control of the project to the homebuyers' association and might involve bringing in a third-party builder to finish the stalled work.
The OSB Expressway Towers project has been plagued by many delays for years, leaving the homebuyers frustrated as they await possession of their flats. Despite multiple warnings from H-Rera, the builder has failed to deliver the project on time. In response to the latest warning from H-Rera Chairperson Arun Kumar, the builder has now assured that the project will be completed within the stipulated time frame.
However, the builder is currently facing additional challenges. The licences for three of his other projects have been suspended due to defaults in payment and non-compliance with orders from the Department of Town and Country Planning (DTCP). This situation raises doubts about the builder's ability to meet the new deadline for the OSB Expressway Towers project. The final warning issued by H-Rera came during the 24th meeting on this issue, which has been ongoing since February 2023.
The regulator's decision to potentially transfer control to the buyers' association is seen as a last resort to protect the interests of the homebuyers, who have been waiting for their homes for more than seven years. The outcome of this situation remains uncertain, but H-Rera's firm stance reflects their commitment to ensuring that the long-delayed project will be finally completed.
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