The National Buildings Construction Corporation (NBCC) on May 30 said that it is in the process of exploring various options that can be offered and negotiated under the 'settlement plan' with the allottees of the Greenview project in Gurgaon and appointing a transaction advisor to guide various other options in the matter.
As such, the physical possibility, legal permissibility and financial feasibility that may be intrinsic to the 'settlement plan' is in the process of evaluation by the Board and are also subject matters of various court cases which are pending before various forums, it said in a regulatory filing.
The GreenView condominium located in Sector 37 D, Gurugram was vacated after the building developed cracks and was declared unsafe for habitation in February this year.
The GreenView residents have been demanding a refund of the flat cost with 15 percent interest, registry charges, interior cost and a compensation of Rs 25 lakh for 'mental harassment'.
The company statement said that as per the structural audit, demolition of the building is the only way forward as restoration was deemed economically unviable.
"A committee of experts from IIT Roorkee and CBRI (Central Buildings Research Institute) Roorkee was constituted for structural assessment of this project. The expert committee opined that 'No repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure'. Further, a review panel of experts from CPWD was constituted which concurred with the recommendations given by the above expert committee i.e. to dismantle the structure," the company said in a regulatory filing.
The company said that the total net realisable value of the project is Rs 27,040 lakh while the proportionate NRV of the unsold portion of the project works out to Rs 20,151.64 lakh as per the valuation report.
"The carrying value of the unsold inventory of the above project was Rs 30,131.46 lakh. Accordingly, the company has made a write-down of inventory by Rs 9,979.83 lakh in the accounts," it said.
The government’s construction arm said that it is facing 12 litigations at various forums related to the project out of which two are filed by the contractor Rama Civil India Construction Pvt Ltd. and 10 cases are filed by the homebuyers for refund and compensation.The NBCC Green View has a total of 942 units of which 392 (255 flats, 126 EWS and 11 shops) were sold for Rs 21,012.80 lakh, the company said in a regulatory filing.