Haryana RERA Directs OSB to Resume Work on Delayed Housing Project

    Date:

    Share post:

    Arun Kumar, the chairperson of the Haryana Real Estate Regulatory Authority (Haryana Rera), has emphasized the importance of regaining the trust of allottees by instructing the developer Ocean Seven Buildtech (OSB) to secure funds and devise a strategy to recommence construction on its halted Expressway Tower project in Sector 109.

    Initially launched in 2017, the affordable housing development was scheduled for completion in 2021, though this deadline was subsequently pushed to 2023.

    Kumar advised the developer during a Wednesday meeting, “You need to secure an initial fund of Rs 5-7 crore and initiate construction work as a gesture of building confidence among the allottees. This approach must be unconditional. Rera will facilitate the sales of shops and assist in the reinstatement of the license from DTCP.”

    He also encouraged the allottees to fortify their Residents’ Welfare Association (RWA) to oversee the construction progress and manage fund disbursement effectively, given that a majority of stakeholders are involved. Currently, 1,089 allottees are awaiting the fulfillment of their dream homes by OSB, with the project experiencing a delay of over three years.

    Previously, Rera had halted work and frozen accounts for three projects, including the Expressway Tower.

    Following Kumar’s directive, OSB and the allottees have reached an agreement to resume construction and aim to complete the project within the next 10 months.

    Also read: Odisha RERA Demands Builders Share Bank Details for Transparency

    Related Posts

    Latest posts

    Co-working Leaders Welcome Union Budget 2024

    Commercial and co-working segment of real estate sector have appreciated the government's focus on job creation, skilling...

    Developers Cheer Sitharaman’s Union Budget 2024

    Real estate sector has wholeheartedly welcomed Union Budget 2024, primarily owing to Finance Minister Nirmala Sitharaman's generous allocation...

    Union Budget 2024: Highlights For Real Estate Sector

    Covering a wide spectrum of Indian sectors, the first Union Budget of Modi 3.0, released today (23), focuses...

    DLF Enters Goa Market With Luxury Villas

    DLF Limited, a leading real estate developer based in Delhi-NCR, is set to launch super-luxury villas in Goa...