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Deserted by builder, homebuyers in Lucknow form company, complete project in 1.5 years
It will be a first-of-its-kind success story in the state capital where homebuyers deserted by a developer took the matter into their own hands and completed the project.
Left in lurch by property developer, Rohtas, the home buyers’ association of Presidential Tower Township in Lucknow floated a company around 1.5 years ago and completed the pending project. Next month, the company -- Preside Tower Owners’ LLP -- will handover 53 flats to the allottees.
It will be a first-of-its-kind success story in the state capital where homebuyers deserted by a developer took the matter into their own hands and completed the project.
“The developer, Rohtas, left us in a lurch, but instead of lamenting, we decided to complete the project by forming our own company in March 2018. A corpus of Rs 5 crore was created from the pending instalments of the allottees,” said Manish Maheshwari, one of the four members of the company.
“Others members of the company are Seema Nath, Pawan Agarwal and Manjush Garg. We all worked together and have nearly completed the project,” said Maheshwari.
It was no mean task, he said. The developer had constructed only the basic structures of the two 16-storey towers E and F, with everything else missing. “The towers did not have plaster, electricity connection, water supply, lifts, fire- safety measures among other necessities. All 53 apartments were just boxes,” Maheshwari said.
After several rounds of meetings, the homebuyers constituted a company and got it registered with the registrar of companies. Three months later, the actual construction work began.
The Rohtas had to hand over possession of the flats to the homebuyers in 2009. It was after a long wait of eight years, in November 2017, that the homebuyers contacted each other and floated the idea to complete the project.
“When all our efforts to get any help from the government, the Lucknow Development Authority and the UP RERA failed, we finally constituted the company to complete the project. We hired an architect and engineers,” said Maheshwari.
The Presidential Tower Township, near the Indira Gandhi Prathisthan in Gomti Nagar, is one of the several projects left incomplete by the developer Rohtas in Lucknow.
REALTOR UNDER RERA SCANNER
Recently, the UP RERA had cancelled licences of three projects of Rothas -- Presidential Tower, Rothas Plumeria Homes and Rothas Platina -- in Lucknow.
The realtor is under the RERA’s scanner for failing to fulfil promises made to the homebuyers.
