The decision was taken on a petition filed by Hyde Park Flat Owners Association.
As per the orders, the new developer will commence construction within 30 days from the receipt of installments from the members of the complainant association. The apartments will have to be completed within two years from the start of work.
The order reads, “The construction and expenses from the escrow bank account will be monitored by a project management consultant, which will be approved by the authority. The progress of construction and the details of the bank account would be submitted to the authority on a monthly basis before the 10th day of each month.”
The project Hyde Park was launched in 2014 by the Adarsh Buildestate Limited (ABL) as developer promoter. The construction was started by the promoter respondent, which proceeded at a good pace till 2016, but slowed down during 2017 and came to a stop in 2018.
As per the development agreement, the project was to be developed into two stages: Phase I consisting of 593 flats and Phase ll consisting of 296 flats. The entire project was to be completed within 48 months commencing from April 1, 2013. However, the developer miserably failed to complete first phase.
Phase I was later revised and it was proposed to construct 265 flats. Now, RERA has directed to complete Phase 1 after appointing third party as 150 odd allottees booked their flats with the promoter on the promise that they would be handed over the possession of their apartments by March 3, 2017, which was later extended by till March 31, 2021.
The remaining 115 will be booked and sold by the third party to meet the construction expense.
“The new developer, landowners and the complainant association will enter into a tripartite agreement wherein the rights and responsibilities and obligations of all the three parties in respect of completion of revised Phase I shall be recorded,” reads the order.