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Despite the long wait, the insolvency process has made a difference to 1,400 buyers of SARE Homes in Gurgaon

Priya Singh | 2024-01-29

After work on the project stopped in two phases in 2017 and in the entire project two years later, the buyers knocked on the doors of every legal forum – the National Consumer Disputes Redressal Commission of India (NCDRC), the Haryana RERA, and the NCLT.
The initiation of insolvency proceeding against the developer appears to be the only recourse that has come to the rescue of the SARE HOMES homebuyers.
Praveen Malik, president of the resident welfare association of SARE Homes in Gurgaon who now takes care of the facilities and day-to-day operations, was among those who had booked an apartment in the project back in 2009.

When he finally received possession of his flat in 2014, after a delay of almost two years, it was far from ready – the common utilities were yet to be completed.

“We took possession of our flats in 2014. While the possession was slightly delayed, we were confident that the entire project would be delivered on time as it was a foreign direct investment-backed project,” Malik told Moneycontrol.

About eight years since then, the homebuyers have some clarity: the insolvency proceedings initiated against the developer have given them the hope that their homes will finally be completed by a third-party developer.
Colonel More, a retired defence officer, bought an apartment on the 11th floor in the resale market in 2013 and paid about Rs 70 lakh, of which Rs 45 lakh was through a home loan. The apartment was in a tower that was about 96 percent complete. However, work stopped in 2017.
In 2018, the realtor offered to give possession to More on the basis of a fit-out certificate, which he accepted. More was hoping the builder would keep his promise of providing functional lifts, water connection and other common facilities. But that was not to be. More continues to pay both EMI and rent.

“We could not shift into the apartment because the unit was located on the 11th floor and the lifts were not functional,” he said.

His hope now rests on the consortium that is set to take over the project and get the lifts and other infrastructure
into place in the next few months
so that hecal finaly shift into this