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In a first, Haryana-Rera attaches land to raise funds for project

Passing the order against the builders, the Haryana-Rera bench said that the warrant of sale of 10 acres of unutilised land in the project and four other plots will be sent to the district collectors of Gurgaon and Gautam Budh Nagar for quick action.

, TNN|
Nov 13, 2019, 12.03 PM IST
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The regulator has instructed the builders and their directors to submit the details of their official and personal moveable and immovable properties.
(This story originally appeared in on Nov 13, 2019)
Gurgaon: In a first-of-itskind order since real estate regulators were established, the Gurgaon bench of Haryana RERA has ordered attaching 10 acres in Gurgaon and four plots in Noida owned by Three C Shelters and putting it on sale to raise Rs 334 crore for completion of Greenopolis project in Sector 89, Gurgaon. The project has been delayed by more than four years.

Passing the order against two builders, who partnered in the group housing project, the bench comprising chairman KK Khandelwal and members Samir Kumar and Subhash Chander Kush, said the warrant of sale of 10 acres of unutilised land in the project and four other plots will be sent to the district collectors of Gurgaon and Gautam Budh Nagar for quick action.

The two developers — Three C and Orris Infrastructure — have utilised about 37 acres out of the 47.2 acres of the under-construction project. Orris had entered into a joint agreement with Three C to develop the project comprising 1,862 units in 29 towers. Of these, 65% flats were owned and sold by Three C and the remaining 355 by Orris.

The RERA bench also ordered freezing a bank account of Three C in a Delhi bank and conducting its forensic audit by a chartered accountant. This account was concealed by the builder during the proceedings that started last year. Suspecting that the builder could have used the concealed bank account to siphon off funds, the regulator has ordered similar audit of all other associated accounts and prohibited the builder from withdrawing any money from them.

Moreover, the regulator has instructed the builders and their directors to submit the details of their official and personal moveable and immovable properties. As per the order, the respondents have a month to comply with the order, failing which the directors and promoters of both the companies may be imprisoned.

The bench also observed that the conduct of Orris Infrastructure needs to be made public through a notification, which should mention that “any person interested in buying property shall keep in mind that the company has failed to deliver the projects in time and before investing their litigation details be seen too.”

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