The Tamil Nadu Real Estate Regulatory Authority (TNRERA) said it will execute the sale deed for undivided share/plots to home buyers and common area in favour of Sahara Housing Investors Association, with regards an integrated residential project in Coimbatore, promoted by Sahara Prime City Ltd and its sister concerns, from 2005 onwards.
The Authority pronounced its order in an execution petition filed by Sahara Housing Investors Association, for non-compliance of its earlier order by Sahara. The proposed project was on 112.14 acres in Saravanampatti village, Coimbatore District and came to a standstill at the end of 2013, after the Supreme Court verdict on the Sahara Group.
In its earlier order in 2020, TNRERA had allowed the Association to take over construction and restrained Sahara Group from proceeding further in any manner in respect of the project. It had also directed Sahara Prime City Ltd to execute the sale deed for undivided share/plots in respect of the allottees, as well as to execute the sale deed conveying the common areas in favour of the Association and also levied a fine of ₹1 crore on the firm, for failing to register the project as an ongoing project under RERA.
Acting on the execution petition, TNRERA has appointed its officials to execute the sale deed.
Post registration, the Authority said it will write to the Directorate of Town and Country Planning (DTCP) to accord renewal/revised planning permission on application by the Association, subject to fulfilling all statutory requirements.
Its order also said the Association of home buyers is at liberty to register the project and approach it for any further directions.
This comes as a big relief for about 700 investors who have put in nearly ₹100 crore in the project and have been waiting to own their dream houses for more than a decade. “As of now we have over 450 members in Sahara Housing Investors Association and the Authority has also permitted non-members to join the Association,” said a home buyer.
Association secretary Arjun said non-member investors in the Sahara City Homes, Coimbatore project can contact him on 98943 44344 to join the Association.
