Haryana real estate authority restrains Bank of Baroda from auctioning project of CHD Developers

NewsDrum Desk
23 Jan 2023

Gurugram, Jan 23 (PTI) The Haryana real estate regulatory authority (RERA), Gurugram, on Monday asked Bank of Baroda to stop auction of a commercial project in Sector 109 without settling claims of allottees.

The bank was set to conduct the e-auction on January 24 in CHD E-Way Tower at Sector 109, Gurugram.

As per the official statement, the quorum of the authority consisting of chairman and three members observed that the bank's e-auction attempt is devoid of considering and settling the claims of individual allottees who are bonafide stakeholders in the project.

The order said, "Bank of Baroda is restrained from the proceedings with the e-auction dated 24/01/2-23 being done without considering and settling the claims of individual allottees." The authority also ordered a forensic audit of the accounts of CHD Developers Limited which has been facing allegations of diversion of funds meant for the project.

The bench has directed the RERA planning branch to initiate proceedings against the developers for non-registration of the above project under Section 3 and 4 of the RERA Act 2016.

The complaint in this regard was filed on January 20, 2023.

The complainant had booked a unit in the commercial project CHD E-Way Tower at Sector 109 for a total sale consideration of Rs 35,67,452 executing a builder-buyer agreement.

"The third-party rights which have already been created in the project in question has not been taken into the account by the Bank of Baroda that will seriously jeopardise their interest and it must be stayed," pleaded the complainant.

The order said, "...the allottees were apprised by promoters as well as through newspaper advertisement that the land on which the project is situated measuring 2.025 acres in Sector 109 is being sold by Bank of Baroda by way of e-auction on 24/01/2023 wherein all the allottees share their reserved rights by virtue of BBA. It is submitted that the rights created for the allottees are absolute rights which cannot be fettered by any other third party." The authority observed all the allottees signed BBA will be affected by e-auctions.

K K Khandelwal, RERA chairman, said, "In view of the larger interest of the allottee, we have stayed the e-auction of the bank." PTI CORR HVA

Read The Next Article