Earlier last week, the Haryana Real Estate Regulatory Authority (RERA) stopped Bank of Baroda from auctioning plot of land in Sector 109, Gurugram containing a commercial project by CHD Developers Limited located as several claims of the allottees for the project remain unresolved. The authorities also demanded a forensic analysis of CHD Developers Limited's financial records because the company has been accused of diverting funds intended for the project. The promoters and allottees were informed of the auction through newspaper advertisements.
The Bank of Baroda was instructed by the Haryana Real Estate Regulatory Authority (RERA), Gurugram, to halt the sale of a commercial project in Sector 109 on Monday as the claims of the allottees for the project remain unresolved. The bank had planned to hold the electronic auction on January 24 in Gurugram's Sector 109's CHD E-Way Tower. According to the official statement, the authority's quorum comprising the chairman and three other members recognised that the bank's attempt at an electronic auction omitted considering and resolving the claims of specific allottees who are legitimate partners in the project.
The judgement stated, "Bank of Baroda is restrained from participating in the e-auction on 24-1-2023 which is being conducted without taking into account and resolving the claims of individual allottees.” The authorities also demanded a forensic analysis of CHD Developers Limited's financial records because the company has been accused of diverting funds intended for the project.
The RERA planning branch has been instructed by the court to begin legal action against the developers for failing to register the above-mentioned project in accordance with Sections 3 and 4 of the RERA Act 2016. On January 20, 2023 a complaint was made in this regard. The complainant executed a builder-buyer agreement and reserved a unit in the commercial building CHD E-Way Tower in Sector 109 for a total transaction cost of Rs 35,67,452. "The Bank of Baroda has not taken into account the third-party rights which have already been created in the project in issue, which will substantially jeopardise their interest and therefore must be halted," requested the complainant.
The order stated, “The project's site which measures 2.025 acres in Sector 109 is being auctioned by Bank of Baroda via e-auction on January 24, 2023, and allottees share their reserved rights under BBA. The promoters informed the allottees as well as through newspaper advertisements. It is argued that the rights granted to the allottees are unalienable and untouchable by any other third party.” The authorities noted that all BBAs signed by allottees will be subject to e-auctions. The bank's e-auction has been postponed due to the allottee's greater interest, according to RERA Chairman K K Khandelwal.
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