The project having eight towers was launched around 2010 and was registered with UP RERA in 2017.
The project, being developed by the Runwal Group, ran into delays after a legal dispute on the status of the land on which it was being constructed
Launched in 2014, the Pavilion apartment block in this township was scheduled to be completed by 2016. After the builder failed to complete the project, the buyers filed cases with KRERA. While cases continue piling up, buyers feel financially strangled and mentally stressed
The approximately 13-acre project was to be completed by 2013-14 but almost a decade later, investors are stranded.
Although a resolution plan was cleared a year ago, there has been little movement. The three projects were launched between 2010 and 2012 but not a single unit has been delivered till date.
While the project was formally launched in 2014, the date of delivery differed from agreement to agreement. Eight years later buyers are yet to get possession of their homes. Construction has come to a complete halt.
Advocates say the problem of builders not giving homebuyers their due share of land rights can become a bigger issue in Karnataka’s real estate sector unless it is addressed immediately.
While the case is similar to others in Noida and Greater Noida, what differentiates it is the allegation by some buyers of collusion between the builder and bank officials, something highlighted by the Debt Recovery Tribunal as well.
The project spread over 30 acres was launched on May 11, 2010. Initially, there were 30 towers and later one more was added, becoming another point of contention between the buyers and the developer.
When Tashee Capital Gateway was launched in 2010, civilians and military personnel alike bought homes in the project on which the developer abruptly stopped construction in 2016, without specifying a reason. Their story is a cautionary tale for homebuyers.
Across Indian cities, buyers have been waiting for years for what they hoped would be their dream homes after investing their life savings and borrowing from banks. Moneycontrol chronicles the plight of homebuyers in one stalled project in Thane.
Launched in 2010 by Earth Infrastructure, the Earth Towne project promised to give buyers their homes within three years.
Developers of delayed projects, on the other hand, claim they face a cash crunch, which led them to halt projects. However, experts say the cash crunch is primarily due to financial indiscipline and diversion of funds in the era before enactment of RERA
Real estate experts say homebuyers are misinformed that once a property is registered under the Karnataka Apartment Ownership Act through a deed of declaration, the property in its entirety stands transferred.
The buyers could not move to their new homes after DHBVN refused to issue new power connections to them 10 months ago, citing the lack of sufficient infrastructure including a substation and transformers that were supposed to be provided by the developer.
The Haryana Real Estate Regulatory Authority has issued multiple orders pertaining to 17 builders directing them to refund homebuyers' money along with interest at the rate of 9.70 percent within 90 days.
Mahira Group has submitted the mortgage deed and the same has been registered with the Gurugram sub-registrar, the order stated
Homebuyers who have paid almost Rs 80 crore to the builder claim the latter cheated them by marketing the apartments through various Ponzi schemes.
The Edifice Engineering, which has been trusted with the demolition work, informed the authority that demolition will take place at 2.30 pm on August 21.
The top court tells authorities and electricity department that they ‘have to be in a queue’
The Supreme Court had, in 2019, asked NBCC to complete and deliver 38,159 flats of the erstwhile Amrapali Group after homebuyers sought its intervention, complaining about years of delay in handing over their homes. The court-appointed committee and ASPIRE are trying to help deserving homebuyers
A bench of Justices UU Lalit and Bela M Trivedi took note of the 'serious objections' raised by homebuyers’ counsels to the creation of such reserve cum sinking fund and that the creation of a reserve fund or sinking fund would put an additional burden on the buyers.
Around 65 percent of first-time homebuyers undergo higher mental stress versus 35 percent of second-time homebuyers. Noida homebuyers (92 percent) were the most stressed and Hyderabad buyers (48 percent) reported the least mental health issues
The project was stalled after the developer’s licence was cancelled for allegedly submitting forged documents, leaving buyers stranded.
On May 17, 2022, the Department of Town and Country Planning had blacklisted Mahira Buildtech and Czar Buildwell, accusing them of submitting fabricated bank guarantees and forged signatures of bank officials.