Homebuyers of Lotus Panache and Lotus Boulevard have voted in favour of SMV Agencies Private Limited, also known as Jaipuria Group, for the construction of their pending 3,100 flats in the two delayed housing projects.
According to the interim resolution professional (IRP) appointed by the National Company Law Tribunal (NCLT), Jaipuria got 85% of votes, while 15% votes went to Purvanchal Projects Limited in the online voting.
NCLT had given its nod to start insolvency proceedings against 3C group’s subsidiary Granite Gate Properties, which was developing the two Lotus projects.
In January last year, homebuyers had dragged the 3C group to NCLT which appointed Chandra Prakash an IRP in the case. The resolution professional has been trying to select a new developer, who can take over the two projects and deliver flats. Three realty firms — SMV Agencies, Purvanchal Projects and UV Asset Reconstruction Limited –had submitted their respective bids with an intention to take over the stuck housing projects.
In the online voting, UV Asset did not get any vote, said Prakash on Friday.
“The Jaipuria’s resolution plan will be submitted to NCLT, which is likely to approve it in a month or so. Once the plan is approved, the two housing projects will be transferred to the new developer. The developer will finish these projects in 24 months,” said Prakash, the NCLT-appointed IRP.
As per the resolution plan, Rs 350 crore will be required to finish the two projects and Rs 425 crore will be collected from the homebuyers.
“The good part is that Rs 650 crore has to be recovered from the developer, who misused the funds collected from buyers,” said Prakash.
In 41-acre Lotus Panache, while 1,200 flats have been delivered so far, around 2,800 units are yet to be finished. In 36-acre Lotus Boulevard, 3,000 buyers have shifted into their flats, while another 300 are yet to get theirs.
Despite repeated attempts, officials of Jaipuria Group could not be contacted for comments.
“If Jaipuria is finalised by NCLT, then it will be good for the project and the homebuyers because this company is already working in these projects as a contractor. The buyers will be able to get desired quality from this developer,” said Sahil Sehti, lawyer for the homebuyers.
NCLT is likely to finish the handover process in the next six months.
The homebuyers said that finally they will be able to see the work happening at the site after a long wait.
“We have been suffering for the past 10 years due to the fault of the developer. Now, we hope that our flats will be delivered in 24 months,” said Amit Chauhan, president of Lotus Panache welfare association, a group of homebuyers.
The 3C group’s subsidiary Granite Gate Properties had started developing these two projects in 2009-10 with a promise of delivery in 2013-14.
“We are troubled but never lost hope and kept using legal route to get justice. Finally, we are on way to get the justice,” said Chauhan.
In December 2018, the corporate insolvency proceedings were started against 3C group when its promoters were arrested for allegedly diverting funds collected from homebuyers to other projects. While they were released on bail, the cases against them remain pending.
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