Gurugram district administration officials said that the ban imposed on registration of properties in projects developed by Chintels India Limited has been revoked. The approval for registration of flats was given after the developer submitted that it will not be able to settle the claims of affected flat owners of Chintels Paradiso housing complex in Sector 109 in the Delhi suburb unless registration of property in its other projects is allowed to raise funds.
The ban on registration of any property developed by Chintels India was imposed after a portion of tower D collapsed on February 10, 2022, killing two women.
A meeting in this connection was held on May 3 after the builder proposed that the ban on registry of flats in its projects should be lifted as it would be necessary to raise funds for the settlement process. The proposal was reviewed and the ban was revoked on Wednesday (May 24), said an official of the Directorate of Town and Country Planning (DTCP), Haryana, who asked not to be named.
He said that the move will allow the developer to sell flats in its other projects and arrange funds for the settlement of the affected residents.
As per the minutes of the meeting, the builder submitted that fulfilling the commitment of settlement of Paradiso residents would not be possible unless the ban on registration of properties in its projects is lifted.
At the meeting district administration discussed the issue with the DTCP officials. The developer said that since it has given final settlement offers, as directed by the administration, registration of its projects should be opened as soon as possible so that their affected cash flows are normalised.
“We are thankful to the authorities who finally accepted our request by revoking the ban on registries of our projects. All parties will benefit now as we will be able to fulfil our commitments of the buyback offer. We also thank our customers who have stood with us in this time of difficulty,” said JN Yadav senior vice president, Chintels India.
On April 30, 2023, the developer had offered to either pay an all-inclusive price of Rs 6,500 per square foot (psf) on the super-built-up area, plus the stamp duty paid by the flat owners, or get the property repaired or rebuilt by a reputed contractor per the technical requirements of CSIR-CBRI (Central Building Research Institute, which comes under the Council of Scientific and Industrial Research), and hand over possession within 36 months from the date of receipt of all necessary approvals. However, residents opting for the latter would have to pay Rs 1,000 psf as construction costs had increased.