Builder accused of transferring project to another firm without RERA approval
The Real Estate Regulatory Authority, Punjab, has stayed all further developments of a Sector 86 housing project being developed by Wooden Heights Developer Pvt Ltd.
The authority has also directed the builder not to advertise, sell or enter into a sales agreement with any person till further orders.
The order came on the complaint of Rohan Bansal, a resident of Sector 21, Chandigarh, who accused Shaurya Township Pvt Ltd of transferring the project to Wooden Heights Developer Pvt Ltd without RERA approval.
He submitted that he was the director of Shaurya Township Pvt Ltd and holding 28% shares. On June 13, 2015, a transfer agreement was signed, wherein Bansal’s shares were sold to Manjit Singh, the new director of the company, and Bansal resigned from the post.
The company agreed to pay him ₹3.74 crore and to secure the payment, the company allotted seven apartments in its project “Shaurya Ananda” as collateral. Coming up in Sector 86, the project is registered with RERA.
Bansal said as per the agreement, if the company failed to make timely payments, he would have the right to deal with the property in any manner. Since payments were defaulted, Bansal filed seven complaints for seeking interest for delayed possession, along with actual legal possession.
{{/usCountry}}Bansal said as per the agreement, if the company failed to make timely payments, he would have the right to deal with the property in any manner. Since payments were defaulted, Bansal filed seven complaints for seeking interest for delayed possession, along with actual legal possession.
{{/usCountry}}But during the case proceedings, Bansal got to know that the Shaurya Ananda project had been handed over to Wooden Heights Developer Pvt Ltd and the name changed to “Woodland Heights”.
He alleged that this was done without taking approval from RERA, hence violating the Real Estate (Regulation and Development) Act, 2016.
On May 27, Bansal filed a complaint with the RERA, seeking a stay over the project and directions to Shaurya Township Pvt Ltd not to hand over the project without RERA’s approval.
No one appeared before RERA on behalf of Wooden Heights Developer Pvt Ltd.
As such, the authority ordered. “The secretary of this authority is being directed to put up the case before the full bench of the authority with regard to transfer of ownership of the project. Till such time...all further developments of the project are hereby stayed.”
The case is now listed for September 12.