HRERA chief K.K. Khandelwal said that real estate developer Orris and Three C-Shelter Infrastructure allegedly cheated homebuyers who invested in the developer's project proposed in Sector 89 here.
Khandelwal said that taking direct supervision by authority of any stalled project is first of its kind in the country.
Addressing the media, Khandelwal said that Orris obtained licence for the residential project over a 47-acre plot in 2011 and later signed a contract with Three C-Shelter Infrastructure.
Acting on the grievances of homebuyers of Greenopolis, the incomplete residential project, HRERA has appointed M.S. Turan as the Investigation Commissioner.
Khandelwal said that all the stakeholders of the project will be part of the investigation.
Quantum Infrastructure has been assigned the task to conduct quantity survey of the stalled project.
"Three C-Shelter Infrastructure was supposed to construct all the flats or houses with 35 per cent share with Orris but failed to do so. Both firms allotted 1,862 units and were supposed to deliver all units by Dec 2015 but they did not keep their promise," Khandelwal said.
"Allottees paid more than 80 per cent of the amount against units they booked but to date, just 40 per cent work has been completed," he said.
"Accounts of both builders have been seized and they will be able to withdraw amount to only fulfil the stalled construction needs in the supervision of appointed authority," he added.
He said that the probe will be completed in a stipulated time frame and the Investigation Commissioner will submit its report in two months.
The Investigation Commissioner was appointed under Section 35 of H-RERA Act 2016.
"August 28 has been fixed the next date of hearing in the case," he further added.
Due diligence -- an investigation or audit of a potential investment firm -- will done into the financial transactions executed by the "tainted" builders.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
