Department of Town and Country Planning to take over defaulter’s project
In a major relief to buyers of apartments in Akme Raaga project on National Highway-48 near Manesar, the department of town and country planning (DTCP) directed its officials in Gururgam to cancel its licence and initiate takeover of the much-delayed residential project.
Makrand Pandurang, director-general, DTCP, asked officials to initiate the process so that the project can be taken over by the department without further delay. The residential project has already been delayed by over 4 years and has been beset with legal and financial troubles.
The Akme Raga project was launched by Akme Projects Ltd in 2011 and the developer had promised that it would be finished by the end of 2014 or early 2015, said Bapi Dutta, general secretary, Akme Raga flat buyers’ association.
“The work was stopped in 2014 after there was a dispute between the promoter and one of his senior employees,” says Dutta.
At present, around 50% of the work has been completed but there has been no further progress, residents said. The flat buyers’ association further said that the developer had taken licence for 10.85 acres but it transferred the project to a Faridabad-based company. When the booking of flats began, the builder was able to collect ₹140 crore from buyers. “The project was later mortgaged to a bank and a loan of ₹60 crore was taken Since the loan was not paid, the bank sold it another company — a move that was challenged in the court by original promoter,” said Dutta.
When asked about the matter, RS Bhath,DTP, Gurugram, said, “There has been lot of delay in completion of the project and residents have suffered a lot. Also a number of violations have taken place for which action will be taken,” he said.
Arjun Syal, lawyer on behalf of Akme Project Ltd, informed that the company has been under insolvency proceedings from April 2017 on wards. Before that, there was a stay order against construction from 2015.
“Due to such factors and also because of a major fraud committed by an ex-employee, the Company defaulted on the repayment of bank loans. The bank auctioned the project. However it was done on undervaluation. After the auction, the project was taken over by another company,” said Syal.