New Delhi: Hundreds of investors in Tashee Capital Gateway, a housing project near Dwarka Expressway in Gurugram, have staged protest against the developer for its failure to hand over their flats in the apartments even seven years after the scheduled possession date.
Besides the immediate possession of their assigned flats, the buyers were demanding compensation for the delay by the builder, KNS Infracon Pvt Ltd, as directed by the Haryana Real Estate Authority (HARERA).
The Tashee Capital Gateway project, which was launched in 2010, is located at Gurugram Sector 111. Homebuyers claim that phase-1 of the project is only 60% complete and phase-2 is just 40% over, seven years after they were due to get the possession in the apartments.
VK Singh, president of the Capital Gateway Home Buyers’ Welfare Association (CGHBWA), claimed that most of the buyers have made full payments, while the rest have done payments in the range of 80-90% of the cost of flats. “The builder-buyer agreement was signed in 2012 with a promise of possession of flats in 2015. In 2023, after a delay of seven years, buyers are not sure of any date of possession. Homebuyers in the project are a troubled a lot as many of them are paying EMIs (equated monthly instalments) and rent simultaneously,” Singh said.
A section of homebuyers in the apartment had approached HARERA in 2018 after the builder declined the handover as scheduled. “HARERA ordered the developer to pay homebuyers 10.20 % interest per annum as a penalty for the delay but we are yet any amount,” Singh alleged.
Repeated attempts to seek comments of the builder failed to yield any result.
The housing project
The Tashee Capital Gateway was a duly approved project launched in 2010. A year after the commencement of work, the developer also received a licence from the Department of Town and Country Planning, Gurugram. The project is coming up on an area of around 10.46 acres, comprising the flats with built-area between 1,250 sq ft and 3,000 sq ft.
Construction on project suspended since 2016
The home buyers alleged that construction on the project was suspended by the developers for reasons not known to them. The project consists of 10 towers with 534 residential units and 13 shops. Towers A to G (Phase 1) were supposed to have 13 floors, with four flats on each floor. Phase 2 was of towers H, I, and J, which are in various stages of construction.
Apart from these, the project has two towers meant for economically weaker sections along with two commercial buildings, one community building and a nursery school. They claimed that the project has been given financial assistance under the SWAMIH fund, managed by SBICap Ventures, but construction has moved at a snail’s pace.
They further claimed that the project remained incomplete even though the central government launched the SWAMIH Investment Fund to help finish incomplete housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings. The move was to help 458,000 housing units across the country. Only RERA-registered projects with a positive net worth are to be provided funding.
A section of homebuyers in the project had gathered at the construction site on January 28 and staged a protest to pressurise the builder complete the project at the earliest. Homebuyers claimed that the project has been stuck because the builder stopped construction in 2016. In 2022, the project got SWAMIH funding but work is yet to resume, they said.
Some of the home buyers apprehended that the quality of the construction would be compromised, as the developer had used multiple technologies in the construction due to the delay. Meanwhile, the homebuyers’ association has issued a statement urging the authorities to help speed up construction work to alleviate their pain.