Orris Developers Get 2 Years To Complete The Greenopolis Project, Directs HRERA

Gurgaon bench of HRERA i.e. Haryana Real Estate Regulatory Authority ordered the Orris group to complete the Greenopolis project within 2 years. The developer is also directed to offer flats possessions to the home buyers within the given time, said the bench of HRERA.

The bench is also expected to issue a written order on the same to the Orris group and the developer is directed to commence the work of Greenopolis residential project by January 5, 2019 and January 4, 2021 is set as the completion date.

The HRERA bench also said that the Orris group will be fined for Rs. 50 crores if they fail to start and complete the project within the given period. The HRERA bench further said that an additional fine of Rs. 1 crore per day will be slapped on the developer in case of more delay.

The Orris group is also directed to get this residential project registered under the RERA Act.

In the year 2011, the Orris group jointly-ventured with 3C to build this residential project in Sector 89 and also commenced selling of these flats in the year 2012.

This project is spread over 47 acres of land and it comprises of 1,862 units in 29 towers. The 3C company owned and sold 65% of the flats in this project and the Orris group had only 35% hold in the same. Also, the construction of Greenopolis project started in 2014 with the promise to offer flats possession in the next year that was 2015.

But the work of this project came to a halt due to some reasons and till then 45% of the work was completed.

The next hearing of the case is scheduled for January 8, 2019, and the bench is likely to refund money to the investors in case the developer fails to start and finish the project within the given deadline. A monitoring committee that includes four flat owners to look after the project is likely to be formed by the bench.