Haryana Builders Fail To Pay Rs 200 Cr, Govt Takes Over 15 Projects

Haryana Builders Fail To Pay Rs 200 Cr, Govt Takes Over 15 Projects

Haryana Builders Fail To Pay Rs 200 Cr, Govt Takes Over 15 Projects
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After the Supreme Court recently allowed state-run builder national Building Construction Company (NBCC) to take over projects of insolvency-hit real estate major Amrapali, the Haryana Town and Country Planning Department has decided to adopt a similar stance. According to media reports, the department has cancelled the licence of 15 developers who have been building residential and commercial projects spread across Gurgaon, Faridabad, Hisar and Karnal. These builders will not be able to sell, purchase or make any other sort of transaction with respect to these projects now.

In case these builders are not able to pay their outstanding liabilities within the set timeframe, the department will take over the project and build them itself. In case the builders are able to make the payment and address other issues as pointed out by the department, their licences would be revived and they would get the projects back. Together, these developers owe the department Rs 200 crore as external development charges. They have been given two months time to come clean.

According to officials, the decision would have no adverse impact on homebuyers, who are estimated to be a thousand in total. Officials say buyers seeking refund would be refunded and buyers seeking flats would be given a unit.

“Buyers have to produce their agreement and the government will serve their liability at the same rate at which they had purchased it from the builder. The government will give the buyers either the property or the money they have already paid, which will be received from builders' bank guarantee or other assets," Gurgaon Senior Town Planner Bhuvesh Kumar was quoted by The Times of India as saying.

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