Hundreds of homebuyers in Tashee Capital Gateway, a project coming up near Dwarka Expressway in Gurugram, staged a protest against the developer, who has failed to hand over their apartments even seven years after the promised possession date.
The buyers, most of whom are retired and serving defence personnel, demanded immediate possession of their flats. They also want to be compensated for the delay by the builder, KNS Infracon Pvt Ltd, as directed by the Haryana Real Estate Authority (HARERA).
Tashee Capital Gateway is located at Gurugram Sector 111. Launched in 2010, it was scheduled to be completed in 2015. Homebuyers claim that Phase-1 of the project is only 60 percent complete even now and Phase-2 is just 40 percent over, seven years after they were due to receive possession.
VK Singh, president of the Capital Gateway Home Buyers’ Welfare Association (CGHBWA), said the buyers had already made 90-100 percent of the payment.
“The builder-buyer agreement was signed in 2012 with a promise of possession of flats in 2015. In 2023, after a delay of seven years, buyers are not sure of any date of possession. Homebuyers in the project are a troubled a lot as many of them are paying EMIs (equated monthly instalments) and rent simultaneously,” Singh said.
He said homebuyers approached HARERA in 2018 in connection with the delay. “HARERA ordered the developer to pay homebuyers 10.20 percent interest per annum as a penalty for the delay but we are yet to get any such amount,” Singh alleged.
There was no immediate response from the developer to requests for comment by Moneycontrol.
The project
Tashee Capital Gateway was launched in 2010 and received a licence from the Department of Town and Country Planning, Gurugram, in 2011. The project is spread across an area of around 10.46 acres. The size of the flats ranges between 1,250 sq ft and 3,000 sq ft.
The builder stopped construction in 2016 for reasons that aren’t known.
The project consists of 10 towers with 534 residential units and 13 shops. Towers A to G (Phase 1) were supposed to have 13 floors, with four flats on each floor. Phase 2 was of towers H, I, and J, which are in various stages of construction.
Apart from these, the project has two towers meant for Economically Weaker Sections along with two commercial buildings, one community building and a nursery school.
Also Read: After spending millions of rupees, 200 Gurugram flat owners find themselves homeless
Homebuyers claimed that the project has been given financial assistance under the SWAMIH fund, managed by SBICap Ventures, but construction has moved at a snail’s pace.
In November 2019, the central government launched the SWAMIH Investment Fund to help complete stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings.
The move was to help 458,000 housing units across the country. Only RERA-registered projects with a positive net worth are to be provided funding.
Homebuyers protest
On January 28, hundreds of homebuyers gathered at the construction site and staged a protest, to mount pressure on the developer to speed up the project.
Homebuyers claimed that the project has been stuck because the builder stopped construction in 2016. In 2022, the project got SWAMIH funding but work is yet to resume, they said.
“Several months have passed since the project was given SWAMIH funding but the construction work has not yet resumed. How will the developer complete the project like this? We want possession of our flats at the earliest,” Singh demanded.
He also said homebuyers should also be paid the 10.20 percent interest per annum, the penalty ordered by HARERA for the delay in apartment delivery. Homebuyers also demanded assurance on the construction quality of the condominiums.
One homebuyer, who asked not to be identified, said: “…we are apprehensive about the quality of the construction. Nearly 12 years have passed since the announcement of the project and in the meantime, a number of technologies such as MIVAN have come up, so the question of construction quality does arise.”
Also Read: Gurugram high-rise residents claim structural audit reports not given to them
In a statement, the homebuyers’ association appealed to the authorities to help speed up construction work to alleviate their pain.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
