Sunday, July 14, 2024

Chintels Paradiso Housing Complex: Residents Demand Higher Buyback Price and Reconstruction Terms

Residents of Gurugram’s Chintels Paradiso housing complex, facing the demolition of five unsafe towers, are urging the developer, Chintels India Limited, to revise the per square foot (psf) rate of the previous buyback offer and provide an option for the reconstruction of flats along with rental compensation.

The demand follows the collapse of a portion of Tower D in February 2022, leading to fatalities. Subsequently, IIT Delhi declared five towers (D, E, F, G, H) unsafe. The original buyback offer of Rs 6,500 psf made by the developer last year has been withdrawn. Residents argue that property values in Gurugram’s Sector 109, along the Dwarka Expressway, have appreciated over the past year, and the compensation should align with current market rates.

During a meeting with the Residents Welfare Association (RWA) on December 10, residents expressed these concerns and proposed demands. They emphasized the need for the developer to adjust the outdated compensation rate, considering the rise in property prices and circle rates. Additionally, residents opting for flat reconstruction should receive rent compensation during the three-year waiting period for their new apartments.

Residents are also seeking a safety guarantee bond from the developer for occupants in safe towers (A, B, C, J) before the demolition of unsafe towers. This bond would hold the builder accountable for any damage to safe towers during the demolition process.

Some residents expressed willingness to cooperate with the reconstruction process but called for detailed plans to be shared by the developer. They stressed the importance of transparency regarding demolition schedules and safety measures, and demanded that the developer commit to preserving the size of flats and common areas.

Original Offer Details:

Chintels India Private Limited initially presented two options to residents of towers D, E, and F. The first involved the builder paying an all-inclusive price of Rs 6,500 psf (super built-up area) and refunding the stamp duty paid by flat owners. The second option included the builder repairing or rebuilding the property, following technical specifications recommended by CSIR-CBRI, with possession handed over within 36 months. The reconstruction offer was withdrawn in July 2023, followed by the withdrawal of the buyback option in November 2023.

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