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Noida authority directs three builders to address homebuyers’ issues

Priya Singh | 2024-02-06

Granite Gate Properties Private Limited is developing Lotus Panache, Hacienda Projects Private Limited is building Lotus 300 and Laureate Buildwell Private Limited is constructing Parx Laureate. The authority held meetings with buyers in Lotus Panache at 12.30pm, with buyers in Lotus 300 at 1.30pm and buyers in Parx Laureate meeting at 2.30pm.
Homebuyers are suffering because builders have failed to deliver projects on time.
The Noida authority on Monday held a meeting with homebuyers of three under-construction housing projects — Parx Laureate in Sector 108, Lotus 300 in Sector 107 and Lotus Panache in Sector 110 — at the Indira Gandhi Kala Kendra auditorium in Sector 6.
Homebuyers are suffering because builders have failed to deliver projects on time.
Granite Gate Properties Private Limited is developing Lotus Panache, Hacienda Projects Private Limited is building Lotus 300 and Laureate Buildwell Private Limited is constructing Parx Laureate. The authority held meetings with buyers in Lotus Panache at 12.30pm, with buyers in Lotus 300 at 1.30pm and buyers in Parx Laureate meeting at 2.30pm.

“The builder had specified six dates of giving possession in the past but has not delivered till date. The builder charges 18% interest from buyers, as per a clause in the builder-buyer agreement. Now, the builder has diverted our funds into other businesses. We want justice,” said Vivek Kumar, a buyer in Lotus Panache.

Poor construction quality, delay in possession, diversion of buyers’ funds to other businesses and interest on buyers are some of the common issues that were raised by homebuyers.
In Lotus 300, the builder constructed 336 flats instead of the 300 approved in the initial building map. The builder changed the layout without the consent of homebuyers, thereby flouting norms. The builder continued to collect money from us in the period when construction was halted because of a land dispute pending in the high court and the Supreme Court. We demand interest from the builder for the delayed period. The builder also diverted Rs140 crore to other businesses, thereby delaying the project,” Bhuwan Chaturvedi, a buyer in Lotus 300, said.

Vidur Bharadwaj, the promoter of Granite Gate Properties Private Limited and Hacienda Projects Private Limited, said, “We are very serious about delivering flats to homebuyers. They need not worry at all as we will intensify construction at the site soon. We will share tower-wise completion plan of these projects with the authority and homebuyers.”
Laureate Buildwell Private Limited has completed only 40% construction in Parx Laureate project, alleged homebuyers. They also alleged that the builder never addressed their complaints and they were misbehaved with whenever they tried contacting the builder.

“The builder has done zero construction in the last one and half years. The builder has increased the flat size and is now forcefully trying to charge us. We demand that the properties of the builder be attached. Otherwise, we fear he will go underground because he is not giving us a response at all,” said Dinesh Kumar, a buyer.

Rajesh Sharma, promoter for Parx Laureate, said, “We assure to deliver our project soon. The project got delayed due to the slowdown in the realty sector.”

The Noida authority additional chief executive officer (ACEO) Shishir Singh said that he will ensure that the three projects are delivered soon. “We have noted the demands of homebuyers and instructed builders to address the issues soon. Builders will have meetings with buyers regularly to resolve the issues. We will audit accounts of all builders to check the status of funds and construction quality,” said the ACEO.