Outline plan to complete 3 pending projects: HRERA to OSB developers

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The Gurugram bench of the Haryana Real Estate Regulatory Authority (HRERA) on Monday directed OSB Developers to explain the resolution plan that they had submitted to the authority in the next hearing on February 26 and outline the proposal to complete three pending projects in the city.

The developer said that they were committed to completing the projects and delivering them to buyers. (HT Archive)
The developer said that they were committed to completing the projects and delivering them to buyers. (HT Archive)

The bench on Monday also directed that the promoter of the group — Swaraj Singh Yadav — should be present in court during the next hearing.

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The directions were issued while the HRERA bench headed by Arun Kumar, chairman, conducted a suo moto hearing on a complaint by OSB buyers, who alleged that the projects had been stuck for the last two years and no construction had been done.

During the meeting, the HRERA chairman directed the developer to present a conclusive financial plan for raising funds by selling the existing inventory and by taking a loan from financial institutions to complete the project. “We have asked the promoter to be present at the next hearing. This is work in progress. We want to resolve the issues due to which the projects are pending,” said Arun Kumar, chairman, HRERA, Gurugram.

Homebuyers said that OSB developers had launched three projects from 2018 onwards which included OSB Expressway Towers Sector 109, Golf Heights Sector 69, and The Venetian Sector 70. The affordable residential housing projects in Sector 69 were spread over 5.41 acres, the project in Sector 70 was spread over 5.1 acres and the project in Sector 109 was spread over 7.50 acres.

“All these projects are stuck and there has been little construction on the sites in the last two years. We have complained to all the authorities in the state but nothing has worked. HRERA, Gurugram has recently sprung into action and we hope this will work in our favour,” said Mahipal Singh, who had bought a home in OSB Expressway Towers.

Singh said around 2000 home buyers had invested their hard-earned money in these projects and needed some relief.

“Buyers have been paying EMI and home rent and they are facing problems as most are end-users,” he added.

The developer, when asked about the matter said that they were committed to completing the projects and delivering them to buyers. “We have already submitted a resolution plan in HRERA and in Monday’s meeting we apprised the HRERA chairman of this. The OSB projects are financially viable and we can raise funds from the available inventory and the same can be used to complete the projects. In the next hearing we will explain the detailed financial aspects to the HRERA bench. Our managing director Swaraj Yadav will also attend the meeting. We are committed to delivering the projects,” said Sanjeev Kumar, CEO, OSB Developers who was present at the hearing on Monday.

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