Nod To Registry Of 2 Chintels Projects To Raise Funds For Paradiso Flat Owners, ET RealEstate
GURUGRAM: Deputy commissioner Nishant Yadav has ordered lifting of the registry ban on two properties of Chintels India to speed up the process of providing compensation to flat owners of its Paradiso project in Sector 109, where a vertical cave-in at tower D killed two residents in February 2022.
In a letter to tehsildars on Sunday, Yadav said registration will be opened for Chintels Serenity and Sobha International City (both in Sector 109), while Chintels Corporate Park in Sector 114 — a commercial project — will be kept as an additional guarantee. The DC further said the developer will submit an affidavit on the commercial project mentioning the total inventory available and declaring that the project is complete in all respects and free from all legal acts.
The developer has been demanding that the registry ban, which was imposed by district administration last year, be revoked so as to maintain cash flow needed for paying compensation to the affected flat owners of Paradiso.
The developer has offered affected flat owners of towers D, E, F, G and H a buyback option at Rs 6,500 per square foot, plus actual stamp duty paid and the cost of interiors as determined by government-appointed evaluators. Around 85 flat owners have agreed to take the compensation offered and 52 of them have already been paid 10% of the sum.
The deputy commissioner directed the tehsildars of Gurgaon, Sohna, Manesar, Pataudi, Farrukhnagar, Wazirabad, Badshapur, Kadipur and Harsaru to review registration of new properties of Chintels Serenity and Sobha City vis-a-vis the cancellation deeds of properties of Paradiso flat owners every 15 days and take further necessary action regarding registration accordingly.
A spokesperson for the developer said: “We are thankful to the authorities, who have finally accepted our request and revoked the ban on registries of our projects. All parties will benefit now as we will be able to fulfil our commitments of the buyback offer. We also thank our customers, who have stood with us in this time of difficulty”.
In a letter to Yadav last year, Chintels had claimed that its cash flow had completely dried up due to the “unfair” freeze on the registration of its properties, which was affecting its ability to make any definite financial commitments. In its letter, the developer said it would be unable to continue to pay rents for the families that have relocated, which was costing it over Rs 20 lakh every month.
