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The Haryana Real Estate Regulatory Authority (H-RERA) has urged the Department of Town and Country Planning (DTCP) to make a decisive move regarding three stalled affordable housing projects by Ocean Seven Buildtech (OSB) in Gurugram. These projects, located in Sectors 69, 70, and 109, have been inactive for over a year, leaving more than a thousand homebuyers in limbo. H-RERA has proposed two options: either reinstate OSB's licenses to allow project completion or transfer the projects to another competent agency. The situation has been exacerbated by financial irregularities, non-compliance with regulatory norms, and the suspension of OSB's licenses and bank accounts.
In a bid to protect the interests of over a thousand homebuyers, the Haryana Real Estate Regulatory Authority (H-RERA) has called upon the Department of Town and Country Planning (DTCP) to make a final decision on the fate of three affordable housing projects by Ocean Seven Buildtech (OSB) in Gurugram. These projects, situated in Sectors 69, 70, and 109, have been stalled for over a year, causing significant distress among buyers. Advertisement
H-RERA has presented DTCP with two options: either restore OSB's licenses to enable project completion or assign the projects to another competent agency to ensure timely possession for allottees. The authority emphasized that further delays could deteriorate the partially developed infrastructure and worsen the situation for the affected families.
The licenses for these projects were granted between 2016 and 2019 but were suspended by DTCP in February 2023 due to consistent delays, irregularities, and non-compliance with regulatory norms. Following the suspension, H-RERA froze OSB's bank accounts to safeguard the funds of the allottees.
Over the past year, H-RERA has received numerous complaints from homebuyers, many of whom invested their life savings or took loans under the Pradhan Mantri Awas Yojana (PMAY). The complaints allege misuse of funds, failure to renew licenses, and non-payment of external development charges by OSB.
Earlier this year, H-RERA directed OSB to present a conclusive financial plan for raising funds through existing inventory sales and loans to complete the projects. The authority also mandated the presence of OSB's promoter, Swaraj Singh Yadav, in subsequent hearings to ensure accountability.
Despite OSB's assurances of commitment to completing the projects, the lack of tangible progress has led H-RERA to seek DTCP's intervention. The regulator has stressed the urgency of the situation, highlighting the financial and emotional toll on the homebuyers awaiting their dream homes.
The prolonged delays and regulatory challenges surrounding OSB's affordable housing projects underscore the need for stringent oversight and accountability in the real estate sector. While H-RERA's proactive stance offers a glimmer of hope for the affected homebuyers, the ultimate resolution hinges on DTCP's forthcoming decision. This situation serves as a stark reminder of the importance of transparent practices and timely interventions to protect the interests of homebuyers and maintain trust in the housing market.
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