Chintels India reopens buyback option for Paradiso flatowners in five towers

December 7, 2023

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GURUGRAM: The developer of Chintels Paradiso has offered a 15-day buyback option to flatowners in five towers of the apartment complex, where several towers were declared unsafe for habitation in an IIT-Delhi structural audit.

Four balconies of Tower D collapsed on November 9. No casualty was reported in the incident as the tower was vacant and its surroundings cordoned off after a partial collapse of six floors claimed two lives in February 2022.

The developer has written to the residents’ welfare society and the district administration regarding the buyback offer and urged the flatowners to take it up.

It has also made it clear that the offer is valid only for those flatowners whose settlement is yet to be done.

Chintels said in the letter that it has “decided to reopen the buyback offer for another 15 days ie up to December 20”.

It has given the flatowners of Phase I Towers D, E, F, G and H two options — Chintels has offered to pay Rs 6,500 per square feet for the apartments and reimburse the actual stamp duty paid. It will also reimburse the cost of renovation, as evaluated by independent evaluators appointed by the government.

This is the final extension and no more applications will be entertained after December 20, Chintels said in the letter.

According to the second option, Chintels will reopen the offer to rebuild and deliver to each owner a flat of the same size as they own.

This offer is open only to flatowners of Chintels Paradiso Towers D, E, F, G and H who have not accepted any buyback offer from the developer.

“Flatowner shall pay to Chintels Rs 1,000 per square feet in four installments as 40 per cent at start of construction, 30 per cent on completion of basic structure, 20 per cent on application of OC and 10 per cent on offer of possession,” the developer said in the letter.

“The builder shall complete the project in three years with six months’ grace period from the date of receipt of all approvals required to begin the construction of the project, including registration with HRERA,” it added.

Towers D, E, F, G, and H of the society located in Sector 109 were declared unsafe for habitation in a structural audit by IIT-Delhi after the February 2022 collapse. The society has nine towers.

Of the 288 flats in these five towers, owners of 140 demanded Rs 6,500 per square feet from the builder and agreed to take the money. Settlement has still not been reached with 148 flatowners.

  • Published On Dec 7, 2023 at 08:48 AM IST

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