Gujarat RERA Orders Refund for Two WTC Tower Allottees Over Delayed Construction and Unfulfilled Commitments
In a significant development, the Gujarat Real Estate Authority (GUJRERA) has ordered a Noida-based developer to refund due amounts to two allottees of the World Trade Centre towers at GIFT City, Gandhinagar.
ReraGujarat Real Estate AuthorityWtc Noida Development Company LimitedGift CityWorld Trade Centre TowersRefundDelayed ConstructionUnfulfilled CommitmentsReal EstateJul 06, 2024
One of the allottees, Riddhi Devani, will receive a refund of Rs 57.81 lakh, while another allottee, Priya Singh, will receive Rs 9.04 lakh. The developer has assured the authority that the remaining amount will be paid by July 15.
The order was issued in response to petitions filed by Ahmedabad-based chartered accountant Sunil Kumar Agrawal and 23 other allottees, who complained of delays in possession and promised returns. RERA authority members MA Gandhi and Dr MD Modia asked for monthly progress reports and a comprehensive future management plan for the towers.
Until now, 24 complaints have been filed against the developer. Riddhi Devani had paid 95% of the cost of a unit, which was Rs 62.81 lakh. The developer had issued post-dated cheques for a promised return until 2028 but failed to register a sales agreement. When a cheque bounced, Devani filed a complaint with GUJRERA, submitting that she was to get Rs 57.81 lakh with interest.
Priya Singh, on the other hand, will receive a refund of Rs 9.04 lakh for cancelling her booking in Tower B. The developer has assured the authority that the refund will be processed by July 15.
Information
GIFT City is a business district in Gandhinagar, Gujarat, and is home to the World Trade Centre towers. WTC Noida Development Company Limited is a Noida-based developer that has been developing the towers.
Gujarat Real Estate Authority (GUJRERA) is a regulatory body established to protect the interests of homebuyers and regulate the real estate sector in Gujarat.
Frequently Asked Questions
Who has been ordered to refund money to allottees?
WTC Noida Development Company Limited, a Noida-based developer, has been ordered to refund money to two allottees.
How many complaints have been filed against the developer?
24 complaints have been filed against the developer.
What is the amount that Riddhi Devani will receive as a refund?
Riddhi Devani will receive a refund of Rs 57.81 lakh.
What is the deadline for the developer to process the refund?
The developer has assured the authority that the refund will be processed by July 15.
How many allottees have filed petitions against the developer?
Ahmedabad-based chartered accountant Sunil Kumar Agrawal and 23 other allottees have filed petitions against the developer.
Tags:
Related News Articles
Real Estate Recovery Still a Distant Dream
The Indian real estate market is still reeling from the effects of demonetization, GST, and new regulations, with new project launches at a 13-year low.
Thane Ring Metro Set to Revolutionize Connectivity and Real Estate
The Union Cabinet's approval of the Thane Integral Ring Metro Rail Project is expected to significantly enhance urban mobility and real estate in Thane, driving growth in property values and investment opportunities.
Minor Hotels Europe & Americas Partners with Deepki to Achieve Net Zero Goals
Minor Hotels Europe & Americas has chosen Deepki, a market-leading ESG platform, to support its transition to net zero and improve its sustainability practices worldwide.
Odisha Real Estate Regulatory Authority Launches ORERA Website Version 2.0
Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) has launched a new version of its website, ORERA Version 2.0, on December 20. ORERA Chairperson Siddhant Das spearheaded the initiative to enhance transparency and efficiency in the real est
Record Rs 60,000 Crore Real Estate Launches Expected in Q4
The Indian real estate sector is poised to witness a significant boost with potential launches worth Rs 60,000 crore in Q4, driven by leading developers like Lodha Group.
Pune Airport Garden Degraded into a Garbage Dump: A Call for Immediate Action
The beautiful garden at Pune Airport has been turned into a garbage dump, raising serious concerns about environmental management and public health. The local authorities have been notified, and immediate action is required to restore the area to its former glory.