Homebuyers in this particular project tired of no work at the site for long removed the builder and decided that the association of the allottees will be developing the project on their own.
By Varun Singh
Hard earned money, yes that is what a builder is paid by homebuyers when they purchase their dream home. Homebuyers in this particular project got tired of no work at the site for a long time got the builder removed and have now taken the project in their own hand.
It is a landmark move that will be remembered the Indian real estate history for a long time. where homebuyers decided to complete the project on their own.
Dreams Corporation Pvt. Ltd. was the Promoter/Developer of “Dreams Aryan A B wings” a project located in Pune.
The Dreams Aryan FIat Owner/Holder’s Association (‘AOP”) filed an application dated August 4, 2021, with MahaRERA for seeking name change of the Promoter of the project and during the hearing mentioned they have also sought an extension for completion of the project.
The project is a joint venture between the Promoter Company and M/s. Aryan Constructions and Aryan Sopal. M/s. Aryan Constructions and Aryan Sopal are the original land owners on which land the project is situated.
The homebuyers had submitted an application under Section 15 of the RERA Act, for transferring/assigning the rights and liabilities in the project to the extent undertaken by the Promoter herein to the AOP. The reasons for transfer were that the Promoter has not been able to complete the construction work and handover the possession of the units/apartments within the stipulated time.
The homebuyers also informed MahaRERA that the Promoter had not carried any construction activity for the last couple of years and the project is at a standstill stage. Thus, the Allottees have therefore come forward by formation of an AOP to take over the project and complete the balance construction activity.
The project in toto has 50 units/apartments in both A & B wing and ail the 50 units/apartments are sold i.e. 32 units of apartments are sold to amongst 28 Allottees and 18 units/apartments are allotted to the said land owners.
Further, all the Allottees consented for completing the balance construction and accordingly the AOP has entered into a deed/agreement between themselves including said land owners.
The AOP also submitted necessary declaration that the details furnished are true and correct, that any changes would be immediately informed, that there are no pending cases before any court/NCLT/any authorized body regarding transfer of the Promoter’s rights and liabilities in the project that there is no bar to transfer the rights and liabilities to a third party i.e. the AOP from any financial institution or financiers who have a charge on the said Project; and that there is no prohibitory order passed by any court of law against transfer of the Project in favour of a third party i.e. the AOP.
Further Annexure ‘C’ was also submitted wherein it was stated that the Promoter is absconding, the project is at standstill and that new designated RERA account shall be opened in the name of the AOP as the new Promoter for the project.
MahaRERA in its order noted, “In the present case, 100% consent has been sought by AOP and thus, this Authority is of the view that the transfer of the said Project from the Promoter to the AOP i.e. the new Promoter can be permitted and thereby allow the change of Promoter to be carried out in the project. However, it is observed that the new Promoter i.e. the AOP shall be required to independently comply with all the pending obligations under the provisions of the said Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the Promoter -with the Allottees in the project.”
Finally the homebuyers were permitted as the new Promoter for the Project. The AOP was also granted an extension of the Project from January 1, 2022 to June 30, 2023 (18 months) to complete the balance construction work and handover possession to all the Allottees of the project.
Also Read: MahaRERA stops this builder from selling flats, for this reason
