Officials of the Tamil Nadu Real Estate Regulatory Authority (TNRERA) on Sunday said that apartment buyers in VGN Fairmont, a real estate housing project in Guindy, could file complaints if they had any concerns about the timely delivery of their unit in the wake of the Enforcement Directorate (ED) attaching the builder’s properties worth ₹115 crore on Saturday.
According to officials, VGN was constructing a multi-storied apartment complex with 892 dwelling units at the site, of which more than 50% were sold. “If those who had booked the apartments have any concerns, they can formally approach us and we will conduct hearings (inviting both parties) as per the provisions of the TNRERA Act,” an official said requesting anonymity. The TNRERA, he added, would protect the buyers of the project in accordance with provisions of the law.
Completion date
According to sources in TNRERA, VGN has to complete the project before September 30, 2019. “We have given the completion date. The developer has to complete the project before the date. If the buyer files a complaint about a delay in completion of the project, we will conduct a hearing,” said an official.
The TNRERA will also intervene if the buyer files any complaint about the quality of the project or the discontinuation of construction work.
The TNRERA had registered the project (TN/29/Building/0066/2017), which is being developed in Alandur village in Guindy taluk on a carpet area of 1,05,965.26 sq m on September 20, 2017.
Meanwhile, Gopinath, the advocate of VGN Property Developer Private Limited, said the company was needlessly being arraigned by the ED. “In 2012, the reserve price for the land (where Fairmont is coming up) was fixed at ₹250 crore by SBI and auctions were conducted and there were no bidders and VGN was the only successful bidder. The entire process was done as per SARFAESI Act and VGN bought the property for ₹272 crore, which is above the quoted reserve price,” he said. “We are just innocent purchasers (of the land). Over 550 buyers have booked flats. More than 60% of the project has been completed. We are going to provide alternative security (to the ED),” the advocate told The Hindu .
