The hopes of flat buyers in two housing projects stuck in Noida over the last 8 years seem to be on the up with news that other companies have expressed interests in the properties of the 3C Group which is undergoing the insolvency process.
The projects stuck are Noida Sector 110’s 3C Lotus Panache and Noida Sector 100’s 3C Lotus Boulevard. In 2009, when the project bookings began, flat-buyers were promised delivery from 2013. Something seemed to have gone amiss with the projects floundering and the builder not able to complete the project and delivering only some parts of the whole project.
With over 3,100 flat buyers thrown into the limbo, the picture on 3C became clear in 2018, when its promoters Vidhru Bharadwaj, Nirmal Singh and Supreet Singh were arrested for siphoning money from the 2 projects to others.
Their arrest led to 3C Group’s corporate insolvency proceedings though they are out on bail, the proceedings against them remain pending. But frustrated flat-buyers have approached the National Company Law Tribunal in early 2019 and the Tribunal appointed a resolution professional (RP) to wrap the project by finding a developer to finish the flats and give them to allottees.
Five companies have evinced interest in the takeover of the project, Purvanchal Projects Private Limited, E-Homes Infrastructure Private Limited, SMV Agencies Private Limited, Panchtatva Promoters Private Limited and UV Assets Reconstruction Private Limited.
Amit Chauhan, the president of Lotus Panache Residents Welfare Association, who had booked two flats, said the owners are hopeful that once the procedure of the RP is complete they will get their flats sooner after this long a wait.
Some 300 buyers of units in Lotus Boulevard have not got their flats, almost 3,000 buyers have already moved in last year. Similarly, at Lotus Panache, some 1,200 units have been delivered leaving almost 3,000 units unfinished.
As per procedure, the NCLT-appointed RP calls for resolution applications from builder companies. Once their bids are in, banks and financial institutions that have bankrolled the project and the flat-buyers discuss the bids and plans of the companies and vote to choose the final company that will end the trauma of debt and despair.
Chandra Prakash, the RP for these 2 projects, told a local newspaper in March 2020 that the projects are viable and the roadmap to deliver the projects will be announced. He expected the projects would be completed by end 2021 once the final builder is decided by the banks and financial institutions.
But that was before Covid-19 struck. Now, the trauma has prolonged with the economy also taking a downturn. It is anybody’s guess when the flat-buyers will get their much dreamed and delayed homes.