[ad_1]
Noida: Around 685 home buyers who invested in Ajnara Panorama The project in Sector 22A has been waiting for the possession of its flats and villas since 2012.
Despite paying a substantial down payment of 80-100%, buyers lamented that they still have to pay rent as well as EMI for the loan they have availed. The situation became more complicated after the developer was brought under its ambit National Company Law Tribunal ,NCLT) Last year.
The latest report prepared by the Corporate Insolvency Resolution Process (CIRP) states that construction at Ajnara Panorama may come to a halt due to a severe funding crunch. The suspended management has appointed a contractor, but progress is worryingly slow.
The funds are urgently needed to prevent further delays and ensure timely completion of the project.
To maintain the operations of the corporate debtor, Ajnara and complete its real estate projects, the report suggested generating revenue from existing home buyers. Consequently, demands have been raised for payment of due and overdue amounts based on the builder-buyer agreements executed with the home buyers.
However, home buyers have raised their objections to the developer’s email communication, demanding the balance amount of the total cost of the flats and villas. They argued that the builder has already delayed the project by over a decade, with minimal progress seen in the last three years. Despite the project being under the supervision of an insolvency resolution professional (IRP), progress has been extremely slow.
“Most of the home buyers have already paid around 90% of the total cost to the developer. There is little guarantee that the developer will deliver after receiving the balance payment. The fact that the developer has mismanaged the funds The CIRP report stresses the amount. Amount Munish Faujdar, one of the affected home buyers, said, “The developer needs an amount much higher than the dues of the buyers to complete the project.”
DK Sinha, another home buyer who booked a flat in 2013 and was promised possession in 2016, expressed concern about the financial burden on home buyers without any resolution.
“The project requires a detailed plan on financial closure and how it will be carried out. Home buyers should have the option of getting a refund for this highly delayed project. The developer has failed to secure external funds,” he said.
According to the report, a demand of Rs 17.59 crore has been raised from the home buyers, but till now only around Rs 45 lakh has been collected.
Tower-wise assessment of the construction stage at the start of CIRP and the current status shows a progress of 2-7% in three towers and villas.
Ajnara has defaulted in payment of Rs 42.82 crore to the Yamuna Expressway Industrial Development Authority (YEIDA). As a result, YEIDA issued a notice for cancellation of the lease deed last year. The developer responded by filing a writ petition in the Allahabad High Court, whereupon the court directed it to pay Rs 7 crore within a month, while directing YEIDA to refrain from creating third party rights.
