Gurgaon: AN Buildwell promises to deliver houses in 3 years

AN Buildwell Pvt Ltd, a real estate company with projects in Manesar and Gurgaon, has said it will bring in outside equity and funds to complete its residential projects delayed for the past three to four years.

After sustained pressure from the Haryana government and buyers, developers have started finding ways to complete delayed projects in Gurgaon.

AN Buildwell’s Spire Wood is a residential housing project in Sector 103. It was launched in 2011 and was to be delivered by the end of December 2014. There are around 500 buyers who have invested in this project and are now demanding the company to complete the project. (HT Photo)

AN Buildwell Pvt Ltd, a real estate company with projects in Manesar and Gurgaon, has said it will bring in outside equity and funds to complete its residential projects delayed for the past three to four years.

The developer will on October 26 submit a revival plan in the Delhi High Court, which is hearing a plea for liquidation filed by investors demanding return of their money.

AN Buildwell’s Spire Wood is a residential housing project in Sector 103. It was launched in 2011 and was to be delivered by the end of December 2014. There are around 500 buyers who have invested in this project and are now demanding the company to complete the project.

After a nudge from the Haryana government and sustained pressure from buyers and town and country planning department (DTCP), two shareholders of the company — Major (retd) SK Hooda and Sunil Gandhi — have decided to infuse their own money and get an outside developer, who will later on take over the project to bring in additional capital and get the work started.

“The revival plan will be submitted to the high court on October 26. We are very hopeful of getting a positive nod as the scheme has the full support of home buyers,” said Hooda, adding that they were fully committed to delivering the apartments as promised.

Hooda also claimed that the scheme was devised with the full support and partnership of apartment buyers.

“We have sold around 6 lakh sq ft in the project, and we still have 2 lakh sq ft area left to be sold and includes shops, commercial area and flats,” he said.

The confidence of shareholders also comes from the fact that AN Buildwell is a zero debt company.

“We have completed 60 to 65 per cent civil work in the complex, and the cost of completion is around Rs 200 crore. Once the work begins, buyers will also become confident that the project is going to get completed. Then money will come from them as well,” Hooda said.

To boost the initial confidence, the developer has started dewatering and cleaning of towers in which waterlogging was noticed in the basements.

Town planning officials said the holding of AGRF meetings regularly had created intense pressure on builders to deliver.

“The revival scheme is a positive development and it shows that engaging with buyers and builders will bring about solutions,” a DTCP official said.

Buyers and investors said that they are supporting the revival scheme and will soon sign a memorandum of understanding with the developer.

“We will help the developer in completing the project and will sign an agreement with him,” said Priti Nath, spokesperson for Spire Wood residents’ association.

Soon to come

Developer : AN Buildwell

Project: Spire Wood

Sector: 103

Type of project: Group housing

Project launch: 2011

Promised delivery: 2014

Number of apartments: 650

Project status: 60 to 65 per cent civil work completed